Citi's London DCM team has lost various people for various reasons
Bonuses have been paid and people are moving on. At Citi, they are moving on from the London debt capital markets (DCM) team that has already experienced plenty of shuffling.
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Citi isn't commenting. Global Capital reported today that there have been three exits, but we understand it's more like five.
The departures include: Paul Gibbs, who was once the bank's head of EMEA DCM but who was shunted into a role as the head of Citi's global infrastructure, transportation and private finance businesses last August; David Dubin, who was the global head of infrastructure but was moved down a rung when Gibbs got that job; Ivan Starcevic who was in Dubai and was promoted as head of CEEMEA strategic financing last June; Lucy Devlin in capital management; plus a director on the team.
Bonus payments aside, it's not clear why all five left now. Insiders suggest each individual may have had different reasons for leaving and that the exits were not coordinated.
Gibbs, for example, was displaced when Citi made ex-JPMorgan banker Rob Cascarino co-head of EMEA DCM alongside existing head of leveraged finance Uday Malhotra last August. Dubin then had Gibbs as his boss, but is not understand to have left for that reason. Starcevic is thought to have a better job elsewhere. Devlin may simply have wanted a change after 20 years at Citi. None of the individuals mentioned have confirmed this or responded to a request to comment.
Citi's DCM team has undergone various other alterations in recent years. Tommaso Ponsele, the head of European corporate DCM, moved to Goldman Sachs last May. Colm Rainey head of corporate and financial institutions group debt capital markets for UK & Ireland and others left in 2024.
Cascarino appeared six months ago along with the multitude of other hires from JPMorgan. Yesterday Citi announced the arrival of Eric Farina from Morgan Stanley as co-head of infrastructure financing and capital solutions alongside Cascarino.
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