LONDON â€" Luigi de Vecchi has been appointed chairman of corporate and investment banking for continental Europe at Citigroup, the bank announced on Monday.
The appointment of Mr. Vecchi, who previously held senior positions at Credit Suisse and Goldman Sachs, comes at a difficult time for Europe’s banking sector.
The Continent’s debt crisis has hurt efforts to stimulate economic growth, while major financial institutions are looking to shrink staff numbers and cut back on bonuses in an effort to reduce costs.
In December, Citigroup announced that it would slash 11,000 jobs worldwide, particularly from its global consumer banking business. The job cuts represent a 4 percent reduction in the firm’s head count and will take the number of jobs at Citigroup down by roughly one third since 2007.
Mr. Vecchi, who left his role as global co-head of investment banking at Credit Suise early last year, will start his new position on May 1, according to an internal memo obtained by DealBook. He will be based in Italy.
