It’s consistent with “our objective to deploy our human and financial capital more efficiently,” James Bardrick and Manuel Falco, co-heads of banking for Europe, the Middle East and Africa said in a memorandum to employees today. The contents of the document were confirmed by Edwina Frawley-Gangahar, a spokeswoman at Citigroup in London.
Chief Executive Officer Michael Corbat, 52, said in December that Citigroup will cut about 11,000 jobs, while also shutting branches and pulling back from some emerging markets as revenue dries up at global banks. The New York-based firm earlier this month overhauled management of regional operations outside the U.S., naming Jim Cowles CEO of Europe, the Middle East and Africa.
Lekkas, 38, joined Citigroup in January 2011. He will continue to be head of corporate investment banking for countries including Bulgaria, Greece, Hungary and Poland.
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