Citi, the banking giant, has appointed David Livingstone, a veteran banker, to run its operations in Europe ahead of the exit of the United Kingdom from the European Union that is scheduled on the 29th of March.
Most recently, Livingstone is the head of the Australia and New Zealand division of the bank. According to a memo seen by reporters, he is set to move to head up its Europe, the Middle East and Africa region.
In his previous position in the EMEA, Livingstone served as the vice chairman of the investment banking and capital markets division in the region.
He is set to take the place of Jim Cowles, who has held the position since 2013. Cowles has worked for the bank for 39 years.
The bank said that Cowles oversaw a 53 percent increase in institutional client income to $3.89 billion (£3 billion) and focused on improving diversity, creating a target of at least 30 percent of senior management positions being held by women by the year 2025.
Last September, the bank announced that Cowles was leaving the firm to “pursue a long time passion and establish a non-profit organisation.”
Mike Corbat, the chief executive of the company, stated: “We have made tremendous progress in the region under Jim’s direction, and I am confident that will continue under David’s leadership.”
Earlier this week, the third-largest bank in the United States of America announced a surprise two percent drop in revenue in the fourth quarter of the previous year after the dreadful December of Wall Street.
The EMEA division of the bank posted a quarterly drop the amounted to ten percent to $2.6bn, however, it also reported a year-on-year rise of eight percent.