Citigroup has named a new co-head of its United Kingdom investment banking operations, promoting Andrew Truscott who joined the firm last year to the role, according to a report from Financial News London.
The promotion was revealed via an internal memo which was sent by the company’s head of corporate and investment banking for the UK and Ireland, Michael Lavelle, the news outlet said.
Truscott is taking on the leading position alongside Jan Skarbek, the memo said. The UK investment banking segment is the biggest fee revenue generator for all of Citigroup’s European operations.
Truscott originally joined Citigroup back in March of last year, taking on the role of Managing Director, his LinkedIn states. During his career, he has managed relationships with key FTSE 100 firms, including engineering firm Babcock International, Financial News London states.
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He joined the firm from JPMorgan, where he was the head of infrastructure investments fund Europe. He has more than two decades worth of investment banking experience, with the majority of this accrued during his time spent at JPMorgan.
“Our UK business remains the largest geographic franchise in Europe, the Middle East and Africa, consistently contributing more than a quarter of the investment banking street fees and client revenues,” Lavelle said in the memo.
Jan Skarbek also receives a promotion at Citigroup
In the memo, it was also revealed that Skarbek has been given the role of UK vice-chair for the firm’s newly-created banking capital markets and advisory division. This unit combines the corporate and investment bank with its capital markets origination business.
At Citigroup, Skarbek is a veteran, having joined the New York-headquartered company more than 25 years ago. He has been leading the UK investment bank for the past eight years. From 1989 until 1993 he attended the University of Oxford.
Over the past 12 months, Citigroup has been making a number of changes to its key dealmakers both in London and globally.