Citi has appointed Ignacio (Nacho) Gutiérrez-Orrantia as chief executive of Citibank Europe.
Headquartered in Dublin, CEP is one of Citi's largest legal entities and the main bank subsidiary for Citi in Europe.
Gutiérrez-Orrantia takes on this role in addition to his existing Europe Cluster and Banking Head role, which he has held since November 2023.
Ignacio Gutierrez-Orrantia told Reuters today that Citigroup is looking to boost its business in Europe despite political instability on the continent spooking investors.
The US bank, which last year undertook its most significant restructuring in decades, is currently placed fourth in EMEA league tables for M&A and sixth for equity capital markets (ECM), according to Refinitiv.
"Our ambition is to be number one, whether it takes us three, four or five years. We are committed to reaching the top," Gutierrez-Orrantia, known as Nacho, said.
However, he noted that "volatility and lack of visibility due to the upcoming elections in the UK and France are causing doubts among investors".
Italian luxury sports brand Golden Goose earlier this week postponed its plans for a listing in Milan, blaming the significant deterioration in market conditions following European parliament elections this month and the calling of a general election in France.
"From a business perspective, this is also an opportunity for us to sit down with our clients and advise them on how to navigate this instability more effectively," Gutierrez-Orrantia said.
"With all this political uncertainty happening in Europe, opportunities may arise," he added.
Gutierrez-Orrantia, Europe Cluster and Banking Head for Europe, also assumed the role of CEO of Citibank Europe today.
He will oversee the bank's businesses in Europe - Banking, Markets, Services and Wealth - and also the relationship with European regulators.
Citi, dealing with an unsettled workforce after thousands of layoffs worldwide, is stepping up efforts to fix regulatory problems in the US as it seeks to boost future profits.
The lender has faced regulatory challenges tied to its so-called living will, which details how it would be unwound in the event of bankruptcy. It is also addressing fines handed down by regulators in 2020.
Gutierrez-Orrantia, a 20-year veteran of Citi, said the bank will particularly focus on tech, healthcare and infrastructure deals in Europe.
Citi has had a presence in Europe for over 100 years and operates on the ground in 24 countries in Europe, serving clients in 18 more.
