Citi Appoints Ex-Lawmaker Chuka Umunna as UK Investment Banking MD
Chuka Umunna's Appointment and Citi's Strategic Moves
Overview of the Appointment
May 19 (Reuters) - Citigroup has appointed former British politician Chuka Umunna as managing director in its UK investment banking division, according to an internal memo confirmed by a Citi spokesperson on Tuesday.
Strengthening Investment Banking in the Region
The move is the latest in a series of hires aimed at strengthening the bank's investment banking business in the region. Wall Street banks have been adding senior dealmakers in Europe and Britain in anticipation of a recovery in M&A activity.
Umunna's Previous Experience
Umunna most recently served as managing director and global head of corporate governance and sustainable solutions at JPMorgan Chase, where he also led the bank's UK Security & Resiliency Initiative, the memo said.
Political and Corporate Background
He previously held senior roles at communications firm Edelman and served as a member of the UK Parliament, including as shadow business secretary for the Labour Party.
Recent Citi Hires and Industry Trends
Umunna's appointment follows recent Citi hires including those of Joe Seifert as vice chair of UK investment banking, Stuart Ord as head of UK M&A and James Potts in EMEA activism defence, underscoring the bank's push to strengthen its UK franchise.
Firms including Goldman Sachs, Morgan Stanley and JPMorgan Chase have also lately strengthened advisory teams in the region.
Next Steps for Umunna at Citi
The memo said Umunna will join Citi in late summer and will be based in London.
(Reporting by Atharva Singh in Bengaluru; Editing by Shailesh Kuber)
