Citi Shuffles Top Investment Bankers in Power, Financials

(Bloomberg) --

Citigroup Inc. is shuffling the bankers overseeing two of its largest investment banking units as the firm seeks to boost revenue from advising and providing financing to corporations.

The lender promoted Stefan Wintels, the head of its German unit, and Christian Anderson, who helps oversee the global asset manager group, to run its global financial institutions business. The firm also tapped Jack Paris and Philip ten Bosch to take over as co-heads of global power investment banking. The moves were announced in a trio of memos this week from Manolo Falco and Tyler Dickson, the co-heads of Citigroup’s global banking, capital markets and advisory division.

“These appointments highlight the rich diversity of our talent pool,” Falco said in an emailed statement. “Our global network is not just about the pipes. It’s about the people.”

Dickson and Falco have been moving around their unit’s leaders as they strive to increase investment banking revenue, and the pair also said they’re seeking to make selective external hires as part of the effort. The New York-based firm’s overall investment banking revenue climbed 4% to $5.22 billion in 2019.

Previously: Citi Names Babej Asia CEO as Growth Outpaces North America’s

Wintels and Anderson replace Peter Babej, who was promoted in October to lead Citigroup’s Asia operations. Financial institutions contribute the largest component of client revenue to Citigroup’s investment banking arm and the firm has said it’s seeking to improve its standing within the financial sponsors industry.

‘Steady Progress’

“We are making steady progress but we are sure success won’t be a straight line,” Dickson said in a telephone interview. “We are doing the right thing, which is moving our best leaders across our businesses to our highest-priority areas.”

Wintels for the last seven years has overseen Citigroup’s German subsidiary, which has grown as the U.S. bank is shifting assets and people to Frankfurt partly in reaction to the U.K.’s departure from the European Union. The unit acquired a broker-dealer license in 2018. Anderson was previously co-head of the global asset managers group, which focuses on private equity firms, pensions and sovereign wealth funds.

Citi’s head of corporate banking for Germany and Austria, Stefan Hafke, is taking over as country head of Germany on an interim basis. The bank is also looking for someone to replace Wintels as head of investment banking Germany and Austria.

Paris and ten Bosch led the power investment banking franchises in North America and Europe and Asia, respectively. The two will work closely with Sandip Sen, who continues in his current role as head of global power corporate banking and alternative energy, according to one memo.

John Eydenberg, whom Citigroup hired last year from Deutsche Bank AG, will replace Anderson as co-head of the global asset managers group and will work alongside Anthony Diamandakis, who is relocating to New York.

Citigroup also appointed Alvaro Revuelta and Jorge Ramos as co-heads of investment banking in the Iberia region of Spain, executives said in a separate memo, which noted the firm has nabbed the top ranking in the area for the last three years.

To contact the reporters on this story: Steven Arons in Frankfurt at sarons@bloomberg.net;Jenny Surane in New York at jsurane4@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Josh Friedman, Christian Baumgaertel

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