Author: The Banking Outlook
Dec 3 (Reuters) – Citigroup (C.N), opens new tab said on Wednesday it has promoted 276 employees to managing director roles in 2025, the smallest class in five years. The Wall Street firm announces managing director promotions every year, the highest officer title at the bank. The new MDs come from 21 countries, with nearly 49% of them from North America. Women accounted for about 28% of the class. Citi’s markets unit led this year’s promotions with the bank elevating 55 employees to MD as well as 45 in the banking division. In October, the markets business reported a record third quarter,…
Nov 11 (Reuters) – Standard Chartered (STAN.L), opens new tab said on Tuesday it has appointed Jim Wang as the chief executive officer of its China Securities unit. Wang will be replacing Grace Geng, the unit’s first head, who left the firm earlier in July after a 16-month stint, according to two sources with knowledge of the matter. Wang brings over two decades of experience spanning securities, asset management, and banking, and has served in senior management roles at several leading financial institutions, the Asia-focused lender said. Standard Chartered Securities (China) Ltd is the lender’s onshore securities firm, opens new tab that provides licensed securities…
MOSCOW, Nov 12 (Reuters) – Russian President Vladimir Putin on Wednesday gave the green light for Citibank to sell what remains of what was once one of the largest foreign-owned banks in Russia, which serviced the Russian operations of major U.S. firms. Local investment bank Renaissance Capital, part of a shrinking pool of Russian banks not under Western sanctions, was named as the buyer in a decree by Putin that was published on the Kremlin’s website. Under measures introduced by Russia to counter Ukraine-related Western sanctions, the deal required presidential approval to proceed. “We can only confirm the news that…