Citigroup has named David Livingstone the new head of its operations in Europe, the Middle East and Africa, a role that will see him guide the bank through the end-game of Brexit, according to a memo seen by the Financial Times.
Mr Livingstone, who joined in 2016 and was most recently Citi’s chief country officer for his native Australia and New Zealand, will relocate to London next month to succeed Jim Cowles, who announced he was stepping down in September amid a broader executive shake up at the US firm.
“We have made tremendous progress in the region under Jim’s direction, and I am confident that will continue under David’s leadership,” chief executive Michael Corbat told the Financial Times on Thursday, citing a 53 per cent improvement in Emea institutional client income under Mr Cowles.
During his 30-year career in banking Mr Livingstone has also worked for Credit Suisse — where he was vice-chairman of European investment banking, capital markets and head of regional M&A — as well as HSBC and Goldman Sachs. His appointment is pending regulatory approval from the Bank of England.
63-year-old Mr Cowles, who had held the Emea CEO role since 2013, is retiring to start a non-profit after a 39-year career at the US giant. He is staying on for a brief handover period, the memo says.
Separately Barbara Desoer, CEO of Citibank NA, the group’s primary banking subsidiary, is retiring in April and will be replaced by her chief operations officer Carey Lathrop, according to the same memo.
Mr Corbat thanked both for “a job well done.”
