Citigroup has named a new head of European investment banking, relocating a senior dealmaker from Madrid to London during a period of expansion at the US bank.

Ignacio Gutiérrez-Orrantia, currently head of Citi's banking, capital markets and advisory unit for Iberia, the Netherlands, the Nordic region and Switzerland will replace Philip Drury who is relocating to the US, according to an internal memo seen by Financial News.