Citigroup has set out new leaders for its product and regional investment banking teams, as the US bank shifts top dealmakers to fit chief executive Jane Fraser’s new structure.
The US bank has reshuffled a number of top bankers, according to people familiar with the matter, filling a new regional structure rolled out by Fraser in her September overhaul of Citigroup’s business.
Barry Weir and Robin Rousseau, who were installed as co-heads of M&A for Europe, the Middle East and Africa last year following the departure of Alison Harding-Jones, have been given new roles. Weir takes responsibility for the UK and the Middle East and Africa, while Rousseau — who is based in Paris — will oversee Europe.
Meanwhile, the infrastructure financing unit has been moved into Citi’s investment banking division, and will be led by David Dubin in Europe.
Paul Gibbs, who co-heads loans and leveraged finance in Emea, will take over debt financing in Europe following the departure of Simon Francis earlier in January. Will Weaver, who was head of Emea debt capital markets, has become a vice-chair in the unit.
Patrick Frowein was named head of European investment banking as part of the changes. He was promoted to co-head of Citigroup’s banking, capital markets and advisory unit in Europe, excluding France, Italy and Ireland, in September — shortly before the reorganisation was announced — alongside Linos Lekkas.
Citi has moved a number of senior bankers from top management roles to vice-chair positions, which will see them focus on clients. Lekkas was moved into a vice chair role as part of the changes.
Citigroup was contacted for comment. The changes were unveiled to dealmakers on 23 January.
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Other changes seen by Financial News mean that many long-serving bankers take new, similar roles to fit in with the reshaped regional structure. Other senior dealmakers have retained their positions.
As well as changing some units, Citi is also rearranging its traditional regions, which included Emea, into seven so-called ‘clusters’: Europe, UK, Latin America, Middle East and Africa, Asia South, Asia North and Australia, and Japan.
Fraser has also pledged to eliminate co-head roles in a bid to simplify the organisation. This affects large parts of its dealmaking unit, which has installed at least two leaders of various sector, geographical and product divisions in recent years.
The reorganisation comes amid a broader cost-cutting exercise, with the bank outlining plans to shrink headcount by 20,000 employees over the next two years. Around 5,000 job losses are as a direct result of the overhaul, Fraser said during Citi’s fourth quarter earnings call, with 1,500 affecting managers as it strips out five layers of management.
Fraser also said that the bank would try to minimise cuts from revenue-generating roles.
Citi installed Tyler Dickson as sole head of its investment bank in September, with his former co-head Manolo Falco moving across to a new unit that focuses on the bank’s biggest clients.
Meanwhile, former Credit Suisse dealmaker Jens Welter was been named head of Emea and UK investment banking in November, as his former co-head Nacho Gutiérrez-Orrantia became banking and cluster head for Europe.
Here are the roles for senior dealmakers at Citi that Financial News has learned from people familiar with the matter:
Barry Weir, head of UK and MEA M&A
Robin Rousseau, head of Europe M&A
Paul Gibbs, head of debt financing, Europe
David Dubin, head of infrastructure financing, Europe
Will Weaver, vice-chair, DCM
Linos Lekkas, vice-chair, Europe and MEA
Patrick Frowein, head of European investment banking
Doug Mackenzie, vice-chair, UK, Europe and MEA natural resources
Paul Abrahimzadeh and Russell Chong, co-heads of North America equity capital markets
Valery Barrier and Suneel Hargunani, heads of UK, Europe and MEA ECM origination and solutions
Peter Brown, head of broking
Ken Chow and Uday Furtado, heads of Asia North, Australia, Asia South ECM products and execution
John Collmer, head of private placements, ECM
Ken Robins, vice-chair, UK, Europe ECM
Robert Way, head of UK investment banking
Marcelo Millen, head of Latin America ECM
Taji Nagasaka, head of Japan investment banking and ECM
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