Citi's head of EMEA energy banking leaving amidst restructuring
Changes are afoot at Citi today. Yesterday, the bank named Jens Welter, whom it hired from Credit Suisse in September 2022 as head of UK and EMEA investment banking. Today, people are leaving voluntarily or not.
Sources say there have been exits across the Financial Institutions Group, chemicals and oil and gas, many of them at managing director level.
The departures are understood to include Shreyas Bordia, Citi's head of EMEA energy investment banking, who is understood to have left of his own accord. It's not clear where Bordia is going next, but he's not thought to be joining another bank. Bordia had been at Citi since 2015, when he arrived from Morgan Stanley. Citi declined to comment.
Citi is taking out layers of management as part of CEO Jane Fraser's Bora Bora restructuring project. In the process, it's expected to reduce headcount by as much as 10% in some teams.
M&A revenues at Citi were down 30% year-on-year in the first nine months of 2023. Citi spent the past few years hiring senior bankers for a new investment banking "super group" to deal with the energy transition. It's not clear whether of them are leaving.
Unlike some other banks, Citi doesn't have many co-heads in EMEA investment banking, making opportunities to delayer less obvious. UK investment banking is run by Rob Way, who has been with the bank for over two decades and is thought to be going nowhere.
Welter was originally part of a co-head arrangement with Nacho Gutiérrez-Orrantia, but Gutiérrez-Orrantia has been shunted into a new role as head of banking and European 'cluster' head.
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