Citigroup is expanding its investment banking team in Japan as the Wall Street firm bets that the country’s deal fee pool will finally rebound after a two-decade slump.
Japan was one of the few countries selected by the New York headquarters as key for dealmaking, where the firm wants to make strategic investments including hiring bankers involved with merger advisory and securities underwriting, Masuo Fukuda, head of Citigroup’s investment banking business in Tokyo, said in an interview. The plan is to grow the team by 15%, he said though declined to give actual numbers.
"Our global head was convinced,” Fukuda said, referring to Citigroup’s head of banking and executive vice chair Vis Raghavan. "I gave them all the reasons, logics and data set, and they felt this is a change.”
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