Citi appoints banking veteran David Livingstone to head up European operations ahead of Brexit

Banking giant Citi has appointed veteran banker David Livingstone to run its European operations ahead of Britain leaving the EU in March.

Livingstone, most recently the head of the bank’s Australia and New Zealand division, will move to head up its Europe, the Middle East and Africa region, according to a memo seen by City PM

He will replace Jim Cowles, who has held the role since 2013 and worked for the bank for 39 years.

The bank said Cowles oversaw a 53 per cent increase in institutional client income to $3.89bn (£3bn) and focused on improving diversity, creating a target of at least 30 per cent of senior management roles being held by women by 2025.

In September the bank announced Cowles was leaving to “pursue a long time passion and establish a non-profit organisation.”

“We have made tremendous progress in the region under Jim’s direction, and I am confident that will continue under David’s leadership,” chief executive Mike Corbat said.

Earlier this week the third-largest US bank announced a surprise two per cent drop in revenue in the fourth quarter of 2018 after Wall Street’s dreadful December.

The bank’s EMEA division posted a ten per cent quarterly drop to $2.6bn but an eight per cent year-on-year rise.