By Philip Georgiadis

 

Citigroup Inc. (C) announced a new head of its European operations as the banking giant prepares for the U.K.'s exit from the EU.

David Livingstone, currently head of the bank's operations in Australia and New Zealand, will move to London to lead Citi's business in Europe, the Middle East and Africa, according to a memo signed by Chief Executive Michael Corbat.

Mr. Livingstone's appointment, subject to regulatory approval, will see the veteran banker implement the Wall Street firm's final plans for Brexit.

Citi, like most international banks, uses London as a hub of operations for the EU. To prepare for Brexit contingencies, Citi has established a new branch in Germany, and expects to create between 150 and 250 roles in EU locations including Madrid, Dublin and Paris, according to a person familiar with the plans. The moves were made in order to meet regulatory requirements once Britain leaves the trading bloc. Citi currently employs 9,000 people in the U.K.

The Brexit process has become clouded in confusion over the last month. Earlier this week the U.K. Parliament rejected an exit deal agreed with the EU.

Mr. Livingstone joined Citi in 2016, having previously held senior European roles at Credit Suisse Group AG (CS) and HSBC Holdings PLC (HSBC.LN). He replaces Jim Cowles, a 39-year stalwart of the firm who announced his departure for a non-profit organization last year. The bank said income in the region rose by more than 50% during Mr. Cowles's six-year tenure.

Europe, the Middle East and Africa generated 16% of the bank's overall revenue last year, up from 13% in 2013, according to S&P Global Market Intelligence.

"We have made tremendous progress in the region under Jim's direction," Mr. Corbat said.

Separately, Mr. Corbat said in the memo that Barbara Desoer, chief executive of Citigroup's commercial-banking subsidiary Citibank North America, is retiring and will be nominated for election to the bank's board at April's annual general meeting. She will be succeeded at Citibank N.A. by her current Chief Operations Officer Carey Lathrop.

 

Write to Philip Georgiadis at philip.georgiadis@wsj.com.

 

(END) Dow Jones Newswires

January 17, 2019 12:39 ET (17:39 GMT)

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