Citigroup Expands Lekkas’ Role to Head Parts of Investment BankElisa Martinuzzi and Ambereen Choudhury
Citigroup Inc. named Linos Lekkas as head of investment banking for Central Europe, Middle East and Africa as the third-biggest U.S. bank by assets reorganizes staff amid job cuts.
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.