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Citi promotes an Australian Cartel

This one is welcome in Australian banking.

Photo: iStock

You can’t choose the name you’re born with. Sometimes your chosen profession and your unchosen name can suggest a certain nominative determinism. Who can forget the challenges that faced the former Archbishop of Manila, Cardinal Sin? Or the US TV meteorologist Amy Freeze, whose stints in Chicago and New York seemed to portend inevitable cold snaps even in the summer?

It is with this in mind that we congratulate Citi’s newly appointed head of banking, capital markets and advisory division (BCMA) for Australia and New Zealand: Alex Cartel.

Cartel’s appointment was announced in April after the promotion of Tony Osmond to chairman of BCMA for Australia and New Zealand.

Still, if there’s ever a good time to be called Cartel, this might be it. Perhaps there’s a certain symmetry in Alex’s promotion just after an ill-judged cartel case, brought by the Australian Competition and Consumer Commission (ACCC) against banks including Citi, collapsed in ignominy.