Citigroup has appointed a senior dealmaker from JPMorgan Chase to head its chemicals investment banking unit, according to people familiar with the matter. The move is part of a broader restructuring of the bank's chemicals coverage in Europe, the Middle East, and Africa.
New Leadership for Chemicals Team
The new hire, who previously led JPMorgan's chemicals practice in the region, will join Citigroup as managing director and head of chemicals investment banking for EMEA. The appointment comes as Citigroup seeks to bolster its advisory capabilities in the sector, which has seen a surge in dealmaking activity.
The banker, whose name has not been officially disclosed, brings extensive experience in cross-border transactions and corporate finance. He will report to the global head of chemicals at Citigroup and work closely with the bank's broader industrials team.
Strategic Restructuring
Citigroup's chemicals team has been undergoing a reorganization in recent months, with several senior bankers departing. The bank is looking to rebuild its franchise by recruiting top talent from competitors. The addition of the JPMorgan veteran is seen as a key step in that strategy.
The chemicals sector has been a hotbed of M&A activity, driven by consolidation and the shift toward sustainable products. Banks are competing fiercely for advisory mandates, and Citigroup's move signals its commitment to gaining market share.
A spokesperson for Citigroup declined to comment on the hire. JPMorgan did not immediately respond to a request for comment.
