Citigroup has poached Alastair Mansfield from Deutsche Bank to lead its mergers and acquisitions business in Europe, the Middle East and Africa, as the U.S. bank seeks to strengthen its advisory capabilities in the region.
Key Appointment
Mansfield, a veteran dealmaker with over two decades of experience, will join Citigroup as head of M&A for Europe, Middle East and Africa, based in London. He will report to Cary Kochman, global co-head of M&A, and Luigi de Vecchi, chairman of EMEA M&A.
Background
Mansfield spent 18 years at Deutsche Bank, where he most recently served as co-head of M&A for Europe, Middle East and Africa. During his tenure, he advised on several high-profile transactions, including the merger of Fiat Chrysler Automobiles and Peugeot SA to form Stellantis, and the acquisition of ARM Holdings by SoftBank Group.
His departure is a blow to Deutsche Bank, which has been restructuring its investment bank under a cost-cutting drive. The German lender has been shrinking its M&A operations in recent years, focusing on core strengths in Germany and Europe.
Strategic Move
Citigroup's hiring of Mansfield underscores its ambition to expand its M&A business in Europe, where it has historically lagged behind rivals such as Goldman Sachs and Morgan Stanley. The bank has been investing in senior hires to boost its advisory franchise, particularly in cross-border deals.
"Alastair is one of the most respected M&A bankers in Europe, and his deep experience and client relationships will be invaluable as we continue to grow our business in the region," Kochman said in a statement.
Mansfield's appointment comes amid a surge in M&A activity in Europe, driven by low interest rates, pent-up demand from private equity firms, and corporate restructuring post-pandemic. Deal volumes in Europe reached $1.2 trillion in 2021, up 47% from the previous year, according to Refinitiv.
Industry Reaction
Bankers and analysts said the move highlights the intense competition for top M&A talent in Europe. "Citigroup is making a clear statement that it wants to be a major player in European M&A," said a London-based headhunter. "Mansfield is a big name, and his network will open doors."
Mansfield is expected to start at Citigroup in the coming months, subject to gardening leave. He will join a team that includes de Vecchi, a former Merrill Lynch banker, and other senior hires such as Stefano Marsaglia, who joined from Barclays in 2021 to lead EMEA M&A for financial institutions.
