LONDON Feb 4 Citigroup Inc has appointed
veteran dealmaker Luigi de Vecchi as chairman for corporate and
investment banking in continental Europe, it said in an emailed
statement on Monday.
De Vecchi, who was previously global co-head of investment
banking at Credit Suisse and has also worked at
Goldman Sachs, will be based in Italy and is part of the
U.S. bank's plan to beef up its investment banking franchise in
"Continental Europe remains one of our largest growth
opportunities and we look forward to leveraging Luigi's deal
experience and relationships across the region," Raymond J.
McGuire, global head of corporate and investment banking at Citi
said in the statement.
The senior hire follows the U.S. bank's latest restructuring
plan announced under new chief executive Mike Corbat who took
over in October.
He unveiled a $1.1 billion expense reduction plan in Dec
including the elimination of 11,000 jobs or 4 percent of the
workforce in a bid to deliver more value to shareholders.
Corbat said Citi's various businesses were combating
competitive and regulatory problems, as well as issues dating to
the financial crisis that continue to plague the bank.
Whilst cutting back on headcount, the U.S. bank is also
hoping to streamline its operations to gain greater market share
in designated core markets and sectors.
Citi ranked fifth globally for investing banking fees in
2012 but slipped to eight place in the Europe, Middle East and
Africa region, according to data from Thomson Reuters.