Here’s an odd little scene. A bank with a European equity capital markets franchise that has just had one of its best years moves the head up to a chairman role. But it replaces him with a head from another bank, one whose franchise has been struggling to the point of embarrassment.
It’s not a dynamic you see often, but it has just happened between Citi and Bank of America Merrill Lynch. Ken Robins, who joined Citi in 2009 and has been a part of the resurgence of that bank’s European ECM business, will be chairman.
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