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Citi bolsters European investment banking team
April 25, 2013 / 1:55 PM / in 4 years

Citi bolsters European investment banking team

* Hires Ben Story from Deutsche Bank

* Follows senior hires from GS, CS

By Anjuli Davies

LONDON, April 25 (Reuters) - Citigroup has appointed former Deutsche Bank dealmaker Ben Story as head of UK investment banking and broking, the latest in a string of senior hires to bolster European investment banking.

Story, who will join Citi in May and report to co-heads of corporate and investment banking in Europe, the Middle East and Africa, Manolo Falco and James Bardrick, was previously head of the global industrials group for EMEA and Asia Pacific at Deutsche Bank, the bank said on Thursday.

After unveiling a $1.1 billion expense reduction plan in December under new chief executive Mike Corbat, including the elimination of 11,000 jobs or 4 percent of the workforce, Citi is beefing up its European operations in a bid to break into the top five in league tables in the region.

In February, the U.S. bank poached veteran dealmaker Luigi de Vecchi from Credit Suisse as chairman for corporate and investment banking in continental Europe.

Earlier this month, the bank hired Christian Kames as head of M&A in Germany, Austria & Switzerland from Goldman Sachs .

Tom Massey, previously head of the chemicals and metals and mining in EMEA at Citi, was also appointed in April to lead the European M&A team.

“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,” said Falco.

Citi ranked fifth globally for investing banking fees in 2012 but slipped to eighth place in the Europe, Middle East and Africa region, according to data from Thomson Reuters.

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