Magazine article American Banker

Citicorp Names Top Executive in Mergers and Acquisitions

Magazine article American Banker

Citicorp Names Top Executive in Mergers and Acquisitions

Article excerpt

Citicorp Names Top Executive In Mergers and Acquisitions

Citicorp on Wednesday named Roger H. Whitby, an investment banking executive with extensive international experience, to head its worldwide mergers and acquisitions operation.

Until last week, Mr. Whitby, 45, had served as a corporate finance executive at Mosely Securities Corp., where he was responsible for mergers and acquisitions, initial public offerings, and financial advisory services. His appointment culminated a six-month search by Citicorp to fill the position, which until now was handled by Richard L. Huber, group executive for equity finance.

"M and A business has grown at a rapid pace, and we wanted an experienced international hand and deft administrator to help manage further expansion of this business,' Mr. Huber said in a statement released Wednesday.

After faltering for years, Citicorp has built itself into one of the commercial banking leaders in the highly competitive merger and acquisition advisory business. Without disclosing specific figures, Mr. Huber said Citicorp's revenues from mergers and acquisitions tripled in 1985 and are expected to more than double again this year.

Despite the rapid growth, Citicorp and most other major commercial banks in the business lag far behind the merger and acquisition units of most big-name Wall Street firms in revenues and advisory assignments completed.

Aside from coping with such well-established competition, Mr. Whitby will also be faced with the constant threat of losing talented executives to the high-paying securities firms. In April, Charles Williams and Elaine Arnold, specializing in mergers and acquisitions of financial institutions, left Citicorp to join Fox-Pitt Kelton Group, a British-owned investment house. …

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