Citigroup Hires Former Credit Suisse Banker de Vecchi in Italy

Citigroup Inc. (C) hired Luigi de Vecchi for the newly created role of chairman of continental Europe for corporate and investment banking, starting in May.

De Vecchi, who will be based in Milan, was previously the global co-head of investment banking at Credit Suisse Group AG (CSGN) for three years, Citigroup’s 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 a spokeswoman at Citigroup in London.

“Continental Europe remains one of our largest growth opportunities, and we look forward to leveraging Luigi’s deal experience and relationships across the region and further strengthen our Italian franchise,” Bardrick and Falco wrote.

Citigroup Chief Executive Officer Michael Corbat in January overhauled management of regional operations outside the U.S., naming Jim Cowles CEO of Europe, the Middle East and Africa. The bank also appointed Linos Lekkas as head of investment banking for Central Europe, Middle East and Africa last month as the third-biggest U.S. lender reorganizes staff amid job cuts.

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net