Reeling under heavy credit losses and security write-downs, Citi had lost almost $30 billion and subsequently got help from the government under Troubled Asset Relief Program in 2008. Vikram Pandit, CEO of Citi had put some of the bank’s longest-held businesses such as CitiFinancial consumer-finance and Primerica insurance units, up for sale. With some significant asset sales to conclude, now the bank looks to strengthen its capital position. As part of it, earlier this year the company decided to split its assets into two units – Citicorp and Citi Holdings.
Robert Albertson, Head of investment strategy for Sandler O’Neill & Partners LP in New York, said: “M&A in financials right now is difficult, based on the economic times we’ve gone through and the uncertainty that remains. But some of the businesses they’re selling are high-quality, and there probably are some interested buyers. It comes down usually to price.”
Mr. Moltke will be the Head of Corporate Mergers and Acquisitions of the New York-based bank, replacing Vincent Fandozzi, who will move into another senior role within the firm. He will report to Chief Financial Officer Edward Ned Kelly.
At Morgan Stanley, Mr. Moltke was a banker covering brokerages, exchanges and financial technology companies. He and Mr. Kelly, in the past, worked together at what is now JPMorgan Chase & Co.
