Citigroup Names Slaughter as Asia-Pacific Head of BankingCathy Chan
Citigroup Inc., which gets about half of its revenue from emerging markets, named Mark Slaughter as Asia-Pacific head of corporate and investment banking.
Slaughter, 58, was most recently global chief operating officer for corporate and investment banking in New York, according to an e-mailed statement today. He started in Hong Kong this week, said James Griffiths, a spokesman for the bank.
He replaces Farhan Faruqui, who ended a five-year tenure in that role in May to join Australia & New Zealand Banking Group Ltd. as chief executive officer of international banking.
Slaughter is taking over at a time when global banks operating in the Asia-Pacific region face pressure from a shrinking investment-banking business. Fee income from underwriting equities and bonds, as well as advising on mergers and acquisitions, fell 23 percent in the region from 2011 to 2013, according to New York-based research firm Freeman & Co.
Barclays Plc, the U.K.’s second-biggest lender by assets, will start eliminating about 100 jobs from its investment bank in Asia this month as part of a global headcount reduction, according to people with knowledge of the matter. Macquarie Group Ltd., Australia’s biggest investment bank, stopped issuing structured products in the region this month and will cut jobs in the team, people familiar with the matter said this week.
Corporate and investment banking, the business overseen by Slaughter, is the largest unit of New York-based Citigroup’s institutional clients group, which reported close to half of the Citicorp division’s $15 billion of revenue in Asia in 2013, Griffiths said.
Citigroup ranked fifth among managers of Asia-Pacific equity offerings this year, up from seventh in 2013, data compiled by Bloomberg show. Its ranking among takeover advisers in the region climbed to fourth from eighth over the same period, the data show.
The bank is ranked first in underwriting bonds denominated in U.S. dollars, euros and yen for the Asia-Pacific region excluding Japan for this year and last year, data showed.
Slaughter was Citigroup’s chief operating officer of global investment banking from 2005 to 2009 before relocating to London to join Investcorp SA as chief administrative officer, according to the statement. He returned to the U.S. bank in 2011 as head of human capital and rejoined corporate and investment banking last year.