Citigroup Appoints New European Chief as Brexit Looms
January 17 2019 - 12:54PM
Dow Jones News
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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