Citigroup Inc., the third-biggest bank by assets in the U.S., revealed in an e-mailed statement today that it appointed Mr. Mark Slaughter as a corporate and investment banking Chief in Asia, succeeding Mr. Farhan Faruqui, who left the company last month. One of the bank’s spokesmen – Mr. James Griffiths – explained that Mr. Slaughter started in Hong Kong this week.
The global Chief of Corporate and Investment Banking (CIB) of Citigroup Inc. – Mr. Raymond McGuire – said in the bank’s statement, which was cited by Reuters: “Mark is one of our most senior leaders and his appointment to this position will allow us to continue our momentum in the region.”
As reported by the Financial Times, the Chief Executive Officer of Citigroup Inc. for the entire region – Mr. Stephen Bird also commented on the appointment of Mr. Slaughter, saying: “Mark’s appointment underlines the importance of Asia to our global corporate and investment banking franchise. We look forward to his leadership as we build further on the strong relationships we have across the region with Asia’s leading companies.”
Mr. Mark Slaughter has been occupying the position of Chief Operating Officer at Citigroup’s global corporate and investment bank in the period from 2005 to 2009. Then he left the bank in order to join the team of Investcorp SA at the position of Chief Administrative Officer, but returned in Citigroup Inc. in 2011. Now he starts with immediate effect at the new position, after the latter was left vacant due to Mr. Faruqui’s departure. According to Citigroup’s announcement, Mr. Slaughter will relocate to his new place of work in Hong Kong by September 2014 at the latest.
The new appointment undoubtedly highlights the great interest of Citigroup in Asia, which has been reported to generate about a half of the bank’s 15-billion-dollar annual revenues in the region. Currently, the corporate and investment banking division, which is to be headed by Mr. Slaughter, is the biggest division of the bank’s institutional clients group.
Citigroup Inc. was 0.29% up to close at 47.93 dollars per share yesterday, marking a one-year change of -3.23%. According to the information published on CNN Money, the 30 analysts offering 12-month price forecasts for Citigroup Inc. have a median target of 57.50, with a high estimate of 67.00 and a low estimate of 46.00. The median estimate represents a +19.97% increase from the last price of 47.93.
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