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UBS Hires Top Citi Banker to Ride Next M&A Wave

UBS Group AG hired Citigroup Inc. investment banker Giovanni Castaldo to lead its Italian financial institutions group, people with knowledge of the matter said.

Castaldo, 41, will join UBS to strengthen its investment banking division amid expectations of a new wave of consolidation in the industry, the people said, asking not to be identified because the decision isn’t public. He will be named managing director covering Italian banks and insurers in July.