Citi appoints new head of European investment bank

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Citigroup has named Ignacio Gutiérrez-Orrantia to lead its investment banking operations in Europe, as the US lender strives to replace JPMorgan Chase and Goldman Sachs as the region’s highest-earning bank.

Gutiérrez-Orrantia will move from Madrid to London and report to co-heads of investment banking Manolo Falcó and Tyler Dickson, as well as EMEA chief David Livingstone.

He replaces Phil Drury, an equity capital markets banker who has held the role since 2018 and is moving to San Francisco to lead Citi’s global technology and communications business.

“Our goal now is, and I say it like this since it’s an Olympic year, is to go for gold. We had bronze four times and we finished second once,” Falcó said in an interview on Monday.

“We’re neck and neck with Goldman in second place this year, and then obviously the leader for a while has been JPMorgan, so it’s not an easy task,” Falcó added. “It’s three core countries – the UK, Germany and France – and growth in technology, healthcare, M&A and leveraged finance.”

Citi ranked third in investment banking revenue in the Emea region in the first quarter, with $466 million, according to data provider Dealogic.

Falcó said the bank intended to hire six or seven more senior bankers. This month it recruited David Ibáñez from Deutsche Bank to be managing director of its European technology group and Didier Denat, a former senior banker at private equity firms Credit Suisse.

“We will focus on the biggest companies, the roughly 200 in Europe, which account for 50% of the market every year, the serial traders,” Falcó said. “Secondly, we have a large franchise in Spacs and we believe this will grow in Europe”, as well as an increase in client demand for advice on the disruption that environmental, social and governance requirements bring to many businesses. many industries.

Gutiérrez-Orrantia joined Citi in 2004 and was most recently responsible for banking and capital markets for Spain, Portugal, the Netherlands, the Nordics and Switzerland. Its relationships with major clients include CaixaBank in Spain, Iberdrola and Repsol, as well as Dutch companies such as Philips.

He will be the senior director responsible for Citi’s UK investment banking operations and responsible for creating a “world-class risk and control environment”, according to an internal memo seen by the Financial Times.

This is particularly important for the Wall Street bank after it was fined $400 million in October by US regulators for “long-standing failings” in its risk and control systems and ordered to upgrade. its processes and technology.

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