Former Deutsche Bank head Ben Story has been appointed by Citigroup to become head of UK Investment Banking and Brokerage. This is the latest hiring conducted by the banking giant to boost the expertise of its team in European investment banking.
Story would be coming on board by May and would be reporting directly to the co-heads of corporate and investment banking for Europe, Africa and the Middle East. The co-heads are Manolo Falco and James Bardrick respectively. The two previously headed the Deutsche Bank global industrials group for EMEA and Deutsche Bank.
Citi is seeking to further improve its European operations in a bid to break into the top league tables in region. This was reiterated with the new US$1.1 billion reduction plan under Citi's new CEO Mike Corbat. Another part of the plan is the reduction of the workforce of Citi by 4% or about 11, 000 jobs.
According to Falco, "We expect M&A to pick up across Europe, where there is an increasing sense of stability. A positive result from the German elections, leading to a 4-5 year plan to take Europe forward, could be a major trigger."
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