Citigroup has named a new head of European investment banking, relocating a senior dealmaker from Madrid to London during a period of expansion at the US bank.
Ignacio Gutiérrez-Orrantia, currently head of Citi’s banking, capital markets and advisory unit for Iberia, the Netherlands, the Nordic region and Switzerland will replace Philip Drury who is relocating to the US, according to an internal memo seen by Financial News.
Gutiérrez-Orrantia becomes head of BCMA for Europe, the Middle East and Africa. A 17-year veteran of the US investment bank, he was also previously chairman of continental Europe for Citigroup’s BCMA unit.
The memo announcing his appointment said he was a “strong proven client track record and has demonstrated clear leadership in the franchises he has managed”.
He takes the role during a period of expansion at Citigroup in Europe, which has long been gunning to be the number one investment bank in the region. Manolo Falco, global co-head of Citigroup’s BCMA told FN in 2019 that the bank was hiring “superstar” bankers who can help the bank “get the gold” after a number of years finishing in third spot behind JPMorgan and Goldman Sachs in the league tables.
In the past week, Citigroup has also hired David Ibáñez as a managing director within its technology group in Europe, the Middle East and Africa from Deutsche Bank and Didier Denat as chair of its alternative assets group in Emea.
Citigroup is also looking for a new head of its UK investment bank after Michael Lavelle moved into the role of chairman of capital markets for Emea.
Drury is relocating to San Francisco to head up a new ‘super group’ looking to capitalise on technological disruption. The team of 400 investment bankers in the new technology and communications unit will expand significantly, Drury told FN.
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