Citigroup may have promoted more managing directors this year, but the route to the top for its dealmakers got tougher amid a squeeze on investment banking fees.

In its banking, capital markets and advisory business, 34 people made the cut in 2022, down from 51 a year earlier. Investment banking fees have tumbled by 42% from record highs in 2021, according to data provider Dealogic, and fewer dealmakers have made the upper ranks across Wall Street and European banks to announce promotions so far this year.

In Europe, the Middle East and Africa, 12 bankers within Citi’s BCMA business made the cut.

Pedro Lami, who heads up Citigroup’s European private capital markets team, where activity has held up despite a slump in activity on public equity markets, made managing director this year. Blake Best, who is on the team in the US, was also promoted.

In London, Ian Armstrong, a dealmaker within Citigroup’s telecoms media and technology group, was also promoted, as was Fabio Barbera, head of Greece and Italy debt capital markets. Luis Aragon, who works in Citi’s financial sponsors team, also made the cut.

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Mihir Unadkat on Citi’s syndicate desk made managing director, as did Andrew Mason, who works on its loan and leveraged finance desk. Other promotions include Gorana Renovica, who focuses on UK insurance deals, and Ali Akram, who works on deals in the services sector.

Chloe Jones, who leads on financial crime within Citi’s BCMA division, was also promoted this year.

Elsewhere in Emea, Marius Dorner, group head of global subsidiaries for Russia, Ukraine and Kazakhstan was also promoted to MD in 2022, as was Omar El Duraie, who covers power and utilities companies from the United Arab Emirates, and Giovanni Leone, who covers Italian corporates from Milan.

Citigroup has made some trims to its ranks of dealmakers in recent weeks like many of its larger rivals. Jane Fraser, the bank’s chief executive, told a recent conference that it was “repacing” its investments into senior bankers, and that she expected fees to drop by 60% in the fourth quarter.

To contact the author of this story with feedback or news, email Paul Clarke

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