By Dinesh Nair and Anjuli Davies
DUBAI/LONDON Dec 3 Citigroup's head of
technology, media and telecoms in Europe is to leave as part of
cost cuts the U.S. bank is making in response to the weak
economic climate and due to tougher regulation, sources familiar
with the matter told Reuters on Monday.
Daniel Bailey is to leave the bank with immediate effect and
his position will be taken on by Citigroup's European (EMEA)
head of M&A, Wilhelm Schulz.
Bailey declined to comment. Citigroup also declined to
Citigroup and other big banks are under pressure from
investors to cut costs and scale-back activities in line with
lower business volumes and reduced returns in the financial
sector since the financial crisis.
The U.S. bank's new chief executive Michael Corbat, who took
the helm on Oct.16, is in the process of reviewing management
and executive reporting lines.
Bailey, who joined Citi in 2006 from Morgan Stanley,
worked on some of the telecoms industry's biggest deals,
including the $183 billion merger of Vodafone with
Mannesman in 2000, the largest corporate merger ever at that
Schulz will relinquish his role as co-head of German banking
to focus on his new responsibilities but will remain head of
German coverage. Stefan Wintels will become sole head of German
Citigroup is also expected to cut bonuses this year by about
10 percent and axe around 150 investment banking jobs by
year-end, just under one percent of the 17,000 staff in its
investment bank, a person familiar with the matter said.