Finance

Citigroup kicks off hunt for UK investment bank chief as Lavelle moves to chair role

Citigroup is searching for a senior dealmaker to lead its UK banking, capital markets and advisory unit as long-serving chief, Michael Lavelle, has moved into a role dealing with some of its largest capital markets clients in Europe.

The US investment bank is on the hunt for a new head of BCMA for the UK and Ireland to replace Lavelle, who has taken on a new position as chairman of capital markets for Europe, the Middle East and Africa, according to an internal memo seen by Financial News.

Lavelle is a 25-year veteran at Citigroup, who is also vice chair of Emea BCMA. He has headed up the unit in the UK and Ireland for the past six years, having previously held senior roles within its equity capital markets business.

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“We thank Michael for his leadership of UK & Ireland BCMA over the past six years, where he has helped drive Citi towards a top three position by achieving a material improvement in wallet share for the franchise,” the memo from Philip Drury, head of BCMA for Emea, said.

Lavelle is a keen mountain climber and in 2019 went up Everest guided by Kenton Cool, a well-known British climber who was scaling the peak for the 14th time.

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Citigroup is now searching for Lavelle’s successor, who will carry on leading the unit in the meantime. His move means that two of the most senior roles at the US investment bank in London are now up for grabs.

Philip Drury, head of BCMA for Emea, is stepping down in order to relocate to San Francisco to head up a new global team of 400 bankers focused on the technology and communication sectors. He told FN on 19 April that the bank has big plans for the new ‘super-group’: “We will invest meaningfully in the combined franchise and I am highly motivated by the opportunity,” he said. “We have big ambition.”

Citigroup is currently looking for a replacement for Drury, who will oversee the unit until a successor is found.

To contact the author of this story with feedback or news, email Paul Clarke

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