Citigroup handed the co-heads of its investment banking division in Europe, the Middle East and Africa new roles as part of its ongoing structural overhaul. Former Credit Suisse dealmaker Jens Welter, who joined Citigroup at the end of last year, was named head of Emea and UK investment banking. Meanwhile, Nacho Gutiérrez-Orrantia, who was his co-head of banking, capital markets and advisory for Emea at Citigroup in London, is set to become head of its banking and cluster head for Europe. The bank also promoted senior equities executive Quentin Andre to run its sales team in the UK, Europe and the Middle East and Africa.

Dame Anne Richards, one of the most senior women in European fund management, is stepping down as chief executive of Fidelity International. She will remain with the company as vice-chair and will focus on “key external relationships and strategic partnerships”.