Citigroup, Inc (NYSE: C) is planning on revealing a new strategy for its investment banking business in Europe after facing three years of losing many of its top investment banking executives to other companies, according to a report from the Wall Street Journal.
The report said that that Citigroup’s investment banking co-heads for Europe, the Middle East and Africa, James Bardrick and Manuel Falco, are preparing a new strategy which will be outlined in November. It’s expected that the new model will move power away from London to other countries in Europe, with The U.K. acting as a hub to support local-country teams.
The New York-based bank has already made a number of hires to support its new strategy, including Miguel Azevedo as the bank’s head of Portugal banking and Pawel Graniewski as the bank’s head of Poland banking. Janos Kovago has also been hired as head of Hungary banking.
The new strategy comes after a period of decline for Citigroup’s investment banking activity in Europe. Citi currently ranks ninth in the region on investment banking revenue and has lost mark share during the last several years in M&A and debt and equity capital markets.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 0.50% during mid-day trading on Friday, ending the week at $3.95
