The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

A tale of two US ECM houses

Equity capital markets moves at Citi and BAML say more about the two firms than they do about ECM.

MB_banner_capital_markets-780

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. The move will suit him well, and is now fairly commonplace especially as global ECM heads are becoming a rarity.

Replacing him is James Fleming, who has quit as EMEA co-head of ECM at BAML and will be co-head alongside Valery Barrier, Citi’s existing head of France, Switzerland and Benelux. 

What makes it intriguing is that it comes as the two franchises seem to be moving in opposite directions. What’s going on tells us as much about the two firms as a whole as it does about ECM.

Aggressive approach?

Citi has had a mixed history in European ECM, for years never really cracking the top tier.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree