According to a recent announcement made by USA based multinational banking and financial service provider Citi Group, it has promoted one of its executives Andrew Truscott to the role of Co-Head of their investment banking division in the United Kingdom. The move by the firm was first made public via a report published in Financial News London and was revealed via an internal memo sent to the news firm by Michael Lavelle who is Citi Group’s head of corporate and investment banking division for UK and Ireland business operations.
Truscott has been serving at Citi Group for nearly 17 months now having joined the firm back in April 2018 in the role of Managing Director in the firm’s London office. According to a report published by Financial News London, in his role as Managing Director, Andrew was responsible for managing the firm’s relationship with major clients from FTSE 100 firms such as Babcock International.
Truscott is an industry veteran with 18 years of experience in serving high-level managerial roles across a wide range of markets such as financial services, maritime, wastewater management and electricity service provider. He served for nearly 15 years as managing director at an investment banking joint venture J.P. Morgan Cazenove which has since become a wholly-owned subsidiary of JP Morgan post-acquisition in 2010. He then served as a non-executive director for major firms at the same time in a wide range of industries such as maritime, wastewater management and electricity for nearly 3 years.
The list of firms where he served as Non-Executive Director according to his LinkedIn Profile are NOATUM Maritime, NOATUM Ports, Southern Water, and Electricity North West. He then rejoined J.P. Morgan back in Jan 2015 and took on the role of Head of Infrastructure Investment Funds for their European market region and was responsible for devising and handling strategy pertaining to infrastructure-related asset management services.
He held this role until he resigned from the firm in November 2017 post which he took a brief break before joining Citi Group’s London office in April 2018. In the internal memo, Lavelle had forwarded to the news agency, he had quoted, “Our UK business remains the largest geographic franchise in Europe, the Middle East, and Africa, consistently contributing more than a quarter of the investment banking street fees and client revenues”. The memo also yet another change made in top-level executive roles. According to the memo, one of the firm’s longest-serving executive Skarbek who has been with the firm for last 25 years and served in capacity of Head of UK Investment Banking division for past eight years has now been promoted to the role of UK Vice Chairman for newly created business unit- Capital Markets and Advisory Division. It should be noted that the New-York based banking and financial service provider has been making many changes to top-level managerial and executive roles across all its key locations over the course of the last 12 months.
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