Citigroup hires Deutsche Bank veteran Patrick Frowein in senior dealmaking role – Financial News

Written by Amanda

Citigroup has hired Deutsche Bank’s former head of investment banking coverage in Europe into a key role, as the US investment bank continues to push for the top spot in the region.

Patrick Frowein has joined Citigroup as vice-chair of banking, capital markets and advisory in Europe, the Middle East and Africa, according to an internal memo seen by Financial News.

Frowein is a 26-year investment banking veteran who was previously head of investment banking coverage and advisory at Deutsche Bank in Emea. He also headed up its investment bank in Germany, Austria and Switzerland. More recently, he has been global chair of investment banking coverage and advisory at Deutsche.

READ Citi’s Gutiérrez-Orrantia plans to topple JPMorgan from Europe top spot in four years

A Deutsche Bank spokesperson declined to comment on whether Frowein would be replaced.

Nacho Gutiérrez-Orrantia, head of Citi’s Emea BCMA unit, said that the hire demonstrated the bank’s “continued investment” in its dealmaking unit in the region.

Citigroup has continued to make key dealmaker hires in Emea, despite recruitment slowing as investment banking fees have tumbled in 2022 to date.

In October, Gutiérrez-Orrantia told Financial News that the Citigroup was aiming to become the top investment bank in Emea by fees within four years.

“We can get to number one,” Gutiérrez-Orrantia said last year. “We’ve been making market share gains over the past five years and now is the time to make a concerted push for the top spot — we are aiming to be there within four years.”

Frowein will be based in London and report to Gutiérrez-Orrantia.

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Source: fnlondon.com

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