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Bloomberg
Luis Esguevillas, a senior equity capital markets (ECM) banker at Citigroup Inc. in Europe, is leaving the bank after almost 20 years.
Citigroup announced his departure in an internal memo seen by Bloomberg News. During his time at the bank, London-based Esguevillas led its ECM business in regions including Iberia, Italy, France and South Africa.
Prior to joining Citigroup in 2003, Esguevillas worked at investment bank Salomon Brothers in the UK. A representative for Citigroup confirmed the contents of the memo. Esguevillas declined to comment.
His exit comes amid broader cuts across Citigroup’s investment banking operations. Banks are trimming jobs in response to high double-digit percentage drops in revenue from ECM work, as inflation, rising interest rates and fears of recession combine to stop share sales.
Companies have raised
$45 billion from initial public
offerings in Europe, the Middle East and Africa in 2022, according to data compiled by Bloomberg.