Citi slashes telecoms head in Europe-sources

DUBAI/LONDON Mon Dec 3, 2012 10:45am EST

DUBAI/LONDON Dec 3 (Reuters) - Citigroup's head of TMT for EMEA will leave the investment bank as part of an ongoing restructuring plan, as Wall Street faces another tough year ahead due to increased regulation and a weak global economy, sources familiar with the matter told Reuters on Monday.

Daniel Bailey will leave with immediate effect and his position will be assumed by Citi's EMEA head of M&A, Wilhelm Schulz.

Reached by telephone, Bailey declined to comment. Citi also declined to comment.