Citi names de Vecchi European Investment Banking Chairman
By Anjuli Davies | February 4, 2013 11:00 PM EST
De Vecchi, who was previously global co-head of investment banking at Credit Suisse
"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.
(Reporting By Anjuli Davies; Editing by David Cowell)
Most Popular Slideshows
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Chris Martin Dating Reports: Jennifer Lawrence Vs Gwyneth Paltrow [PHOTOS]
- 2014 MTV Video Music Awards: Everything To Know [PHOTOS]
- British Style Icon Kate Middleton Fashion Talk With Camilla Parker-Bowles Daughter-In-Law [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- James Foley Beheading Video Has Play-Acting Portions – Video Experts Say
- 4.7-Inch, 5.5-Inch iPhone 6 Models Confirmed with Similar Build, Cam Features & 300+ Screen Pixels on Release Date
- Apple iPhone 6 Release Date, iPhone 6C or 6L Anticipation: Three Things Should Matter To New Phone Shoppers
- Xiaomi Mi4 vs iPhone 6: Why Forecasts Favor Mi4 as The Next Best Phone Against iPhone 6
- James Foley: More Chilling Information Revealed By Escaped Journalists
- Upcoming Sony Xperia Z3 With Dual-SIM Support Gets Approved In China; Full Specifications Revealed; Amber-Coloured Xperia Z3 Tipped
- Companies Push Back IPO Plans Due to Mega Alibaba Share Launch