Citigroup Hires Ex-Goldman Banker Kames for German M&A

Citigroup Inc., the third-largest U.S. bank, hired Christian Kames from Goldman Sachs Group Inc. to head its mergers team in Germany, Austria and Switzerland.

Kames, who will start on July 8, spent the last 12 years at Goldman Sachs as a senior managing director focused on mergers and acquisitions in the automotive industry, the New York-based firm said in a memorandum to employees today obtained by Bloomberg News. The contents of the document were confirmed by a Citigroup spokesman in London.

“He will significantly strengthen our coverage effort,” Stefan Wintels, head of corporate and investment banking for Germany and Austria, wrote in the memo.

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.

Goldman Sachs was the sixth-placed adviser on German mergers in 2012, while Citigroup ranked ninth, according to data compiled by Bloomberg. Kames has advised on transactions including Terex Corp.’s purchase of Demag Cranes AG in 2012 and Siemens AG on its $3.5 billion purchase of U.S. software maker UGS Corp. in 2007.