Citi's new MD list reveals some important things about the bank
Citi's new managing director (MD) list is out today. We've added the 306 names on the memo, plus the acronyms that delineate their divisions, at the bottom of this page.
If you don't want to comb through each name individually, here are our learnings about the names and the distribution of this year's promotions across Citi's divisions.
Citi felt compelled to promote a large class of managing directors this year
Like Goldman Sachs, Citi's new managing director list is one of its biggest. In 2020, it promoted 241 people. This year, it promoted 306, an increase of 27%.
The rise in MD promotions reflects the fact that Citi has had a good year. It also represents a means of retaining staff without necessarily paying them a large bonus. However, Citi will have hiked new its MDs' salaries to between $400k and $540k, which is the going rate for its senior staff according to the H1B visa database. - So the promotions are not without a cost.
Citi is promoting women faster than the rest
In 2020, Citi promoted 70 women. This year it promoted 104, an increase of 49%.
Front office promotions in the investment bank were only a third of the total
Citi promoted 52 people in banking and capital markes this year, up from around 44 last year. 50 people were promoted in global markets, so promotions were roughly equally split between front office professionals in the investment bank.
As Citi invests in operations and controls, it's promoting heavily in related areas
In December 2020, Citi was fined $400m for "unsafe and unsound banking practices” and ordered to improve its risk management and controls systems. The bank has subsequently been investing and hiring heavily into controls and infrastructure and this year's MD promotion round reflects that: 37 MDs were promoted in risk and 18 were promoted within technology in the investment bank. They include David Gong in regulatory technology and Dennis Urusov in client reference data, both in New York City, and Abhishek Nigam - who was hired from HSBC in October 2020 to help with the implementation of the FRTB regulations.
Citi is doubling down on prime brokerage
Citi's MD list suggests it's also focusing on its prime broking business. At least three people have been promoted in prime, including: Holmi Atig, the London-based global head of prime and delta one quant analysis; Matt Coote, the New York-based Global head of prime finance and cash in-business risk, and Mike Charnley, the global head of prime brokerage middle office. After Archegos, Citi is clearly also focusing on its pb controls.
Citi is focused on digital transformation and digital assets
This year's promotions include Nimrod Barak, the global head of Citi's innovation labs. Barak joined in 2019 from a strategy consultancy in Israel. He's responsible for Citi's foray into blockchain, among other things.
Citi hires top traders and promotes them a few years later
This year's Citi MD list contains numerous traders who are comparatively new to Citi. They include the likes of Abbas Zaidi, the New York-based head of high yield trading, who joined from Goldman Sachs in April 2020, and Dimitry Levin, a rates options trader who joined only last year from Eisler Capital.
The Citigroup managing director list 2021
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Shell Adams, EO&T Javier Alcantara, Ops & Fraud Prevention Bojan Aleksic, CSIS Majed Al Hassoun, BCMA Amal Aly, ICG Risk & Controls Emmanuel Amor, Risk Management David Angella, Global Markets Maria Anorga, BCMA Jeffrey Arestivo, Private Bank Rahul Arora, Global Markets Thor Askeland, Private Bank Holmi Atig, Global Markets Vincent Au, Global Markets Oren Avraham, Global Markets Jamie Azhar, Risk Management Krishna Balachander, Global Markets Mayra Balcazar, Commercial Bank Marina Balzac, Risk Management Nimrod Barak, ICG O&T Anna Baranska, Internal Audit Bryan Barker, Financing & Securitization Nicholas Baumgartner, Legal Caryn Bell, BCMA Jens Bender, BCMA Ulrich Bender, Risk Management Klas Bergelind, Global Markets Lee Betteridge, Internal Audit David Beven, BCMA Rohit Bhan, Risk Management Naresh Bhatia, ICG Client Analytics Pratik Bhattacharjee, Asia Consumer Jalpa Bhavsar, Ops & Fraud Prevention Simon Bracken, ICG O&T Felicia Bradshaw, Ops & Fraud Prevention Matt Brem, U.S. Consumer Paul Brennan, Global Markets David Brooks, BCMA Steve Buonvino, TTS Aurelia Cai, Global Markets Rick Campbell, Financing & Securitization Richard Cao, Legal Nicholas Carn, Finance Gareth Carter, Private Bank Pierre Castaing, BCMA Vivianne Caumont, Finance Chris Cawley, Institutional Credit Mgmt. San San Chan, Citi Global Wealth Michael Charnley, ICG O&T Hatti Cheung, Risk Management Adeline Chew, BCMA Anna Choe, Legal Piyush Choudhary, BCMA Claire Chung, ICG O&T Loy Chwan Shyong, Ops & Fraud Prevention Kimberley Claman, Global Public Affairs Martin Cloke, Global Markets Margaret Closius, Commercial Bank Kerry Cochran, Private Bank Brendan Coleman, TTS Ahide Contreras, EO&T Murray Coon, Human Resources Matthew Coote, Global Markets Jean-Paul Corda, Global Markets Kira Cordoba-Brown, Human Resources Kevin Cui, Private Bank Neil Cullen, Global Markets Peyman Dadgar, BCMA Shirish Damle, ICG O&T Nikki Darden, Global Public Affairs Almas Dautbek, Global Markets Maria De La Cadena, Private Bank Luis De La Cerda, Global Markets Ken DeNatale, ICRM Sameer Deshpande, Citi Global Wealth Alvaro De Velasco, BCMA Sandra Diaz, TTS Arnika Dixit, Asia Consumer Ryan Djabbarah, Global Public Affairs Joe Doucas, Global Markets Manu Dua, Global Markets Javier Escobar, BCMA Tracey Fabricius, Private Bank Kyle Falconi, Global Markets Irene Fayn, Finance Guillaume Flamarion, Global Markets Wyatt Alexander Flores, Global Markets Laura Fogg, Commercial Bank Samson Frankel, Legal Cynthia Frederick, U.S. Consumer Yohann Freoa, Global Markets Chris Gallo, Finance Isabel Ganduglia, Mexico Consumer Orsolya Gantner, Legal Regina Garcia, Mexico Consumer Ana Belen Garzon Rodriguez, TTS Paul Giarratano, Risk Management Stephan Giczewski, Internal Audit Sean Glennan, BCMA David Gong, ICG O&T Gabriel Gonzalez, ICG Franchise Management Sinead Goss, Legal Rajesh Goyal, Global Markets Mark Gracia, BCMA Pedro Grau, Risk Management Nataliya Grigorova, Risk Management Sejal Gross, Finance Scott Gruber, Global Markets Nina Guinchard, Institutional Credit Mgmt. Saurabh Ram Gupta, TTS Brian Hand, Finance Evelyn Hayes, Internal Audit Javier Hernandez, TTS Conor Hession, Securities Services Roy Hiatt, Global Markets Eileen Higgins, Private Bank Juan Himiob, Risk Management Eloise Holland, Legal Andrew Hollenhorst, Global Markets Charles Hop de Chillaz, BCMA Julia Hsu, BCMA Jeannine Hyman, Finance Daniele Iacopetti, BCMA Kaushik Jagadish, ICRM Ali Jahangiri, EO&T Pankaj Jain, BCMA Elliot Jenks, BCMA Eric Jetter, BCMA Claudia Jimenez, ICRM Kirk Jones, BCMA Rajiv Jumani, BCMA Declan Kane, ICG O&T Greg Kantrowitz, BCMA Mary Kapilla, Finance Juan Katz, Private Bank Aysim Kaya Kioupritzis, Finance Jamie Keane, BCMA Bedriye Kebanli, Risk Management Kate Kenney, Global Public Affairs Oliver Kersh, Private Bank Sharronjeet Khela, BCMA Chong Soon Khoo, Risk Management Ji-Kang Kim, Asia Consumer Irina Kosyachenko, ICG O&T Adam Krol, Legal Zeynep Kudatgobilik, ICG Risk & Controls Leonid Kuliyev, ICG O&T Gunjan M Kumar, BCMA Satyam Kumar, ICG Franchise Management Sunil Kumar, TTS Joseph Kwon, BCMA Joydeep Lahiri, Risk Management Allan Lai, Legal Joyce Lam, BCMA Eric Lau, Global Markets Andy Leamon, BCMA |
Caren Lee, Global Public Affairs Joo Hyeon (JH) Lee, EO&T Arnaud Lefebvre, Global Markets Elias Levenson, ICRM Dimitry Levin, Global Markets Iris Li, BCMA Anna Li, Private Bank Mary Li, ICG Financial Resource Management Roman Licznerski, Internal Audit Steve Liebelt, BCMA Ardith Lindsey, Global Markets Christopher David Long, Internal Audit Andrew Love, Legal Milind Mainkar, Risk Management Josephine Majewski, ICG Franchise Management Oscar Mangini, TTS Helmut Mannhardt, Finance Gabriel Manzano, Global Markets Ben Marmot, U.S. Consumer Paco Martinez, Ops & Fraud Prevention William Mascaro, Securities Services Virag Masuraha, Ops & Fraud Prevention Robert Mathisen, ICG O&T George Mayer, ICRM Robert McDonald, Risk Management Brennan McDonough, Human Resources Christine McWilliams, TTS Asli Meco Yenisey, Risk Management Rauno Christian Merklein, BCMA Nasir Mian, Securities Services Adriano Milani, TTS Jason Min, BCMA Daniel Mitchell, Global Markets Mark Mitchell, Private Bank Naveen Mittel, BCMA Bryan Mizeur, Internal Audit Melinda Moczo, Global Markets Nazanien Monasebian-Knafo, Private Bank Bill Monks, EO&T Jose Antonio Moreno Crivelli, TTS Davide Moresco, Risk Management Kunal Motiani, Risk Management Julie Moyers, Internal Audit Andrew Murray, Global Markets Rhiannon Nakano, Finance Sanjay Nambiar, Asia Consumer Umar Nawab, Human Resources Arash Nazhad, BCMA Sirin Neyzi, BCMA Claude-Stephanie Ngningha, BCMA Abhishek Nigam, ICG O&T Christopher Norman, BCMA Maja Nowakowska, Risk Management Christopher Ochs, Private Bank Justine O'Connor, BCMA Mags O'Connor, Chief Administrative Office Alexandre Miguel Oliveira, Global Markets Jaime Orendain, BCMA Sebastian Perczak, Commercial Bank Fernando Pereira, ICG Franchise Management Vito Pietanza, Risk Management Michele Pitts, Securities Services Maurizio Polcino, Private Bank David Prestage, TTS Benjamin Price, Global Markets Varittha Prichapanich, Risk Management Xiaowei Pua, Internal Audit Marjan Quadir, ICRM RB Rajendar, GCB Business Simplification & Data Mgmt. Narayanan Ramakrishnan, ICG O&T Laurie Rebholz, Human Resources Mathias Reichelsdorfer, Private Bank Roger Reynolds, Risk Management Richard Rivera, BCMA Angelique Roberts, ICRM Axel Romo, Mexico Consumer Edward Ruff, BCMA Lisa Ryer, ICG O&T Bhagat Sabharwal, Risk Management Sukhendu Sahu, ICG O&T Maybel Saleh, BCMA Papa Sall, ICG Franchise Management Shama Sarada, GCB Technology Ryan Savitz, BCMA Shervone Saw, Commercial Bank Gina Schoeman, Global Markets Virginia Scholl, Global Markets Fernando Senso Castilla, Private Bank Victoria Shafran, Finance Amit Shah, Global Markets Sonal Shah, Human Resources Julie (Jung-Ran) Shin, Global Markets Andrey Shiryaev, Risk Management Rick Simpson, Financing & Securitization Bobby Sinclair, Risk Management Gagandeep Singh, Finance Gurbani Singh, Risk Management Sarab Singh, Human Resources Aerin Smith, Global Markets Alison Smith, Internal Audit Martha Smyk, GCB Technology Alicia Sokolowski, ICG Franchise Management Anil Solleti, GCB Technology Savy Sriram, Risk Management Martin Stackler, Global Markets David Stares, Risk Management Kathy Stokes, Risk Management Matthew Stovin-Bradford, ICG O&T Mark Sugden, Commercial Bank Sarah Sutton, Securities Services Damien Tan, BCMA Tanya Taneva, BCMA Zuliana Tann, BCMA Celia Taub, Human Resources Pallavi Tawde, Risk Management Thomas Taylor, Finance Matthew Teather, Global Markets Maxim Terlovsky, Internal Audit Yannis Theocharis, Institutional Credit Mgmt. Josh Tomsik, Human Resources Garo Torossian, Financing & Securitization Nicole Toulis Sardo, TTS Walter Trotta, ICG O&T Melissa Tuozzolo, TTS Piotr Tyminski, Commercial Bank Orcun Unlu, Global Markets Denis Urusov, ICG O&T Eric Velay, Financing & Securitization Peter Ventouras, BCMA Valeria Vitola, ICRM Duan Wang, Risk Management Wenwen Wang, Global Markets Anthony Warden, ICG O&T Robert Watson, Risk Management Chris Wen, BCMA Michael Westmuckett, Global Markets Matthew Wilkings, Global Markets Albert Wong, Commercial Bank Alice Wong, Human Resources Joe Wood, TTS Christopher Wren, BCMA Audrey Wu, Global Markets Venessa Xu, TTS Ricardo Yepes, Private Bank Amy Yu, Internal Audit Phoebe Yu, Global Markets Ricardo Yuki, Risk Management Abbas Zaidi, Global Markets Shu Zhang, Private Bank Shenwei Zhu, BCMA Michael Zinkowski, Private Bank |
BCMA: Banking, Capital Markets and Advisory
CSIS: Citi Security and Investigative Services
EO&T: Enterprise Operations & Technology
GCB: Global Consumer Bank
ICG: Institutional Clients Group
ICRM: Independent Compliance Risk Management
O&T: Operations & Technology
TTS: Treasury and Trade Solutions
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