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He was latterly co-head of Citigroup’s financial institutions group in Europe, the Middle East and Africa alongside Nicolas Desombre, who is based in Paris and also leads its coverage of the insurance sector.

Desombre will take sole control of the unit, according to the people familiar with the matter.

Mark Litz, a managing director who covers European fintech companies, has also left the bank, the people said.

He spent nearly 17 years at Citigroup, having joined from Dresdner Kleinwort in 2006.

READ Citigroup CEO Jane Fraser says it is ‘repacing’ dealmaker investments

Davison was promoted to co-head of FIG in Emea alongside Stefan Wintels in December 2017. Around seven months later, Wintels relinquished his role to focus on managing the bank’s operations in Frankfurt, and Desombre was promoted to co-head of FIG in Emea.

A Citigroup spokesperson declined to comment on the departures.

At an industry conference on 7 December, Citigroup’s chief executive Jane Fraser said that the bank expected a 60% decline in investment banking fees during the fourth quarter, largely in line with falls across the sector.

“We’ve been repacing some of our investments there, as you’d expect,” she said.

In November, Citigroup cut dozens of bankers globally as large investment banks have been forced to roll out redundancies for the first time since the Covid pandemic.

In London, around 10 bankers were cut from its capital markets unit, Financial News reported, and some sector teams were affected.

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