Citi replaced its fired DCM MDs with a director from Deutsche Bank

As we have reported frequently here, Citi has lost a lot of senior debt capital markets bankers in London and beyond. It's also been adding some new ones in. 

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After losing Tommaso Ponselé to Goldman Sachs in May, Citi has made a new hire from Deutsche Bank. The new hire is, however, a director rather than a managing director (MD). 

Multiple sources say Citi has recruited Jon Levine, a director in Deutsche Bank's London debt capital markets (DCM) team. Levine had worked for Deutsche Bank since graduating in 2009. He was made director at the German bank in 2019 and was yet to make MD there. Maybe his luck will change in the next promotion round at Citi?

Levine isn't a direct replacement for Ponselé, who was Citi's head of corporate DCM. Instead, he's understood to be filling the role of head of UK and Nordics DCM at Citi, which was left vacant in the most recent round of restructuring.  

Levine isn't a direct replacement for anyone, but it's worth observing that at one point Citi had a head of UK and Irish corporate and financial institutions group DCM in the form of Colm Rainey, and an MD focused on the Nordics in the form of Christian Rose.

Rose and Rainey were let go last year. Now Citi just has a director from Deutsche Bank who will be managing UK and Nordic DCM instead. In this new role, Levine will be working with Chris Monegard - a director who's worked at Citi for 18 years and who manages corporate and FIG DCM in Sweden, and George Moore, another Citi director who does FIG DCM in the UK and Ireland. 

If Moore and Monegard wanted to make MD in 2026 along with Levine, they may now be disappointed. 

Deutsche Bank declined to comment. So did Citi. 

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