

Market Analysis
Citigroup is striving to expand its business in Europe despite political instability on the continent unsettling investors, according to Ignacio Gutierrez-Orrantia, the bank's new head of the region, in an interview with Reuters.
The U.S. bank, which underwent its most significant restructuring in decades last year, currently ranks fourth in EMEA M&A league tables and sixth in equity capital markets (ECM), per Refinitiv data.
"Our goal is to become number one, whether it takes three, four, or five years. We are dedicated to reaching the top," said Gutierrez-Orrantia, also known as Nacho.
He acknowledged that "volatility and lack of visibility due to upcoming elections in the UK and France are creating uncertainty among investors."
Italian luxury sports brand Golden Goose postponed its Milan listing plans on Tuesday, citing deteriorating market conditions following the European Parliament elections and the announcement of a general election in France.
"From a business standpoint, this is also an opportunity for us to engage with our clients and guide them through this instability," Gutierrez-Orrantia said.
"Despite the political uncertainty in Europe, opportunities may emerge," he added.
Gutierrez-Orrantia, who is the Europe Cluster and Banking Head for Europe, also assumed the role of CEO of Citibank Europe on Thursday. He will oversee the bank's European operations, including Banking, Markets, Services, and Wealth, and manage relationships with European regulators.
Citi, dealing with an unsettled workforce after global layoffs, is intensifying efforts to resolve regulatory issues in the United States to enhance future profits. The bank has faced challenges related to its "living will," which outlines how it would be wound down in bankruptcy, and is addressing fines imposed by regulators in 2020.
A 20-year Citi veteran, Gutierrez-Orrantia, noted that the bank will particularly focus on tech, healthcare, and infrastructure deals in Europe.
Paraphrasing text from "Reuters" all rights reserved by the original author.