US banking giant Citigroup has named Ignacio Gutiérrez-Orrantia as chief executive of Citibank Europe, its European Union banking hub based in Dublin.
Mr Gutiérrez-Orrantia – known as Nacho – takes on this role in addition to his existing Europe cluster and banking head role, which he has held since November 2023. In that role, he has overall responsibility for managing relationships with Citigroup’s clients in Europe.
Citibank Europe’s previous chief executive, Kristine Braden, left the group late last year after 25 years as part of a company reorganisation. The unit has been led on an interim basis since then by group veteran Peter McCarthy.
The bank cut 100 jobs in Dublin in April following a month of consultation after it signalled that as many as 168 roles were at risk as part of a global restructuring and cost-cutting initiative.
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Still, it has said the Dublin hub, which now employs about 2,900 people, will continue to play an important role in its global network. The lender is currently in the process of developing a new 300,000sq ft (27,870sq m) headquarters at Waterfront South Central in Dublin’s north docklands, down the river from its current base. Developer Johnny Ronan’s Ronan Group Real Estate is constructing the new premises.
Ireland has been home to Citigroup’s EU banking headquarters since early 2016, before the Brexit referendum.
Mr Gutiérrez-Orrantia has more than 30 years’ experience in financial services. He has been at Citigroup for 20 years and was most recently co-head of its Europe, Middle East and Africa (EMEA) Banking, Capital Markets and Advisory business.
[ Citigroup plans Irish job cuts, with 168 roles at risk in DublinOpens in new window ]
Citigroup’s European hub has become the second-largest bank in Ireland last year, with total assets growing almost 20 per cent last year to $154.6 billion (€144.2 billion), as the US banking giant moved its stake in a Polish bank into the business. Bank of Ireland remained the biggest, with €156 billion of assets.
Citibank Europe’s pretax profit jumped 68 per cent last year to $2.14 billion, fuelled by the impact of higher interest rates globally.
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