April 15 (Bloomberg) -- Citigroup Inc., the third-largest U.S. bank, named Tom Massey the European head of mergers and acquisitions as it bets on an increase in transactions.
Massey will focus on advisory in western Europe and report to Wilhelm Schulz, head of M&A for Europe, the Middle East and Africa, according to an internal memorandum to employees, whose contents were confirmed by a Citigroup spokeswoman.
Massey was most recently EMEA head of chemicals as well as metals and mining investment banking. He joined Salomon Brothers in New York in 1996 and has been based in London since 2004.
Citigroup is stepping up hiring as it anticipates “significant pent-up M&A activity in Europe,” Schulz wrote in the memo. Last week, the firm hired Christian Kames from Goldman Sachs Group Inc. to head its mergers team in Germany, Austria and Switzerland. Country M&A heads in western Europe will report to Massey and Schulz, the memo said.
Western European deals declined 12 percent in the first quarter to $176.4 billion from the year-earlier period, amid concerns about Cyprus and political gridlock in Italy, according to data compiled by Bloomberg. Citigroup was ranked no. 6 in the first three months of this year. With companies globally sitting on more than $4 trillion in cash and interest rates at record lows, M&A bankers are predicting a rebound.
Citigroup Chief Executive Officer Michael Corbat overhauled the management of the firm’s operations outside the U.S. in January, naming Jim Cowles CEO of Europe, the Middle East and Africa. In February, the firm hired former Credit Suisse Group AG banker Luigi de Vecchi for the newly created role of chairman of continental Europe for corporate and investment banking.
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