Citigroup has hired a banker from rival Merrill Lynch for its UK corporate broking business, in a move to bolster its more junior ranks, a spokesman for the bank said on Sunday. James Staveley is to join Citigroup as a vice president in the corporate broking division, the spokesman said. Citigroup has already raided ABN AMRO Hoare Govett's corporate broking arm, snatching seven senior bankers, including Chief Executive Nigel Mills to expand its corporate broking operations.
Corporate broking, unique to Britain, has become increasingly cut-throat over the past year as more US banks have moved into this business to try and win more big UK companies as clients. Morgan Stanley set up a corporate broking department just over a year ago and J.P. Morgan Chase & Co tied up with UK corporate broking market leader Cazenove.
Citigroup has said it would continue to hire selectively for this business and is still looking to hire more junior broking staff, according to sources familiar with the matter.
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