Here, you can find out more about our Investment Banking business, our work, our clients, and the deals that we’ve been part of.

What is Investment Banking?
Investment Banking is a broad term used by many people to describe different things. At Citi, investment bankers are strategic advisers to companies and governments. Our clients are some of the world’s largest international corporations, financial institutions and governments. We help those clients to facilitate and finance their business strategies, by connecting companies with the right providers of capital, and project managing and executing mergers and acquisitions. This can lead to industry change and the evolution of the global economy.

What service do we provide for our clients?
We provide leadership, guidance and advice on transactions in financial markets across all industries and in all corners of the world. Although Investment Banking by default is associated with Mergers & Acquisitions (M&A), our investment bankers also originate and execute equity and debt capital raisings, leveraged buyouts (LBOs), financial restructurings, divestitures, initial public offerings (IPOs) and privatisations.

Working with colleagues in Corporate Banking, Capital Markets, and Global Transaction Services, we provide our clients with the broadest and deepest financial advice and capabilities – including underwriting and distributing equity, debt, and derivative securities.

Transactions can cross national borders and involve multiple currencies. With our global presence, local expertise and deep industry knowledge – backed with strong deal experience – we’re in a unique position to advise and execute the transactions for our clients. Which, in turn, provides the opportunity for Analysts and Associates to work directly with senior bankers and clients, often travelling in the process.

How are we structured?
In EMEA, our Investment Bank is organised into two main groups:

• Country Coverage (including Emerging Markets)
• Industry/Product

What is ‘Country Coverage’?
Each Investment Banking group is made up of corporate finance advisory teams. These teams focus on providing ideas, advice and deal execution for local clients in their respective regions across a range of industries. Our Country Coverage bankers have a detailed understanding of their long-term clients, people and businesses – as well as of local market regulations and customs and transaction execution. Based in London and local offices, they work with our Product and Industry Coverage teams to provide the best solutions and services to our clients.

Our Country (or regional) Coverage groups in the EMEA region include the UK, Iberia, France, Germany, Italy and the Nordic region.

Emerging Markets
In addition to specific Country Coverage groups in EMEA, our Emerging Markets team works with clients from more than 60 countries.

Industry/Product Teams
Industry coverage bankers focus on specific industries and clients on both an EMEA and global basis. Here, we provide in-depth and up-to-date ideas and insight for clients by specialising in one particular sector or group of related sectors and developing and originating financing transactions in partnership with country and product colleagues.

We have a number of Industry teams, including:

Alternative Assets Group
This group’s clients include sovereign wealth funds, private equity firms, hedge funds, and infrastructure investors.

Consumer, Healthcare and Real Estate
Clients include key players in the consumer, healthcare and real estate industries.

Energy, Power and Chemicals
Clients include key players in the power, utilities, energy and chemicals industries.

Financial Institutions
The Financial Institutions Group is the banker of banks. This includes a spectrum of sub-sectors including: banks, insurance companies, asset-managers, credit card issuers, stock exchanges and electronic financial service providers.

Financial Strategy Group
This Group works closely with both investment bankers and corporate bankers to advise key clients on the corporate finance challenges they face in the markets. Our work in this area combines theoretical and statistical frameworks and practical solutions to ensure that corporate strategy is supported by financial strategy.

Industrials
This team is made up of three segments:

1. Basic Industries Group (BIG), i.e. Paper & Packaging, Metals & Mining, and Building Materials
2. Industrial Manufacturing Group (IMG), i.e. Automotive, Diversified Industrials, and Defence and Aerospace
3. Transport, Infrastructure and Services (TIS), i.e. Airlines, Construction, Shipping or Support Services

Technology, Media and Telecommunications
Clients include key players in the technology, media and telecommunications industries.

Here, you can find out more about Global Transaction Services, our work, our clients and where you could fit into the team.

What is Global Transaction Services (GTS)?
Global Transaction Services (GTS) is a core business area of Citi which provides clients with innovative banking solutions to help them conduct their businesses seamlessly across borders.

With a global network spanning over 100 countries, Global Transaction Services plays a vital role in the world of trade, payments and investments. We are relied on by corporations, governments and central banks, asset managers, broker-dealers and market infrastructures to process their transactions day-in, day-out – and do so efficiently and without fail in any part of the world.

What services do we provide for our clients?
We offer our clients a broad range of services across different areas including: cash management, treasury, trade, custody, clearing, fund administration, securities financing, depositary receipt, and agency and trust. Our approach is consultative and based on relationship banking. That way, we’re better able to partner our clients in addressing strategic financial and operating issues, such as working capital and liquidity management, asset management, treasury integration and exposure and risk.

How are our products/solutions organized?
GTS is made up of two core businesses: Treasury and Trade Solutions (TTS), and Securities and Fund Services (SFS).

Treasury and Trade Solutions
Our Treasury and Trade Solutions team is one of the largest processors of cash flows across the globe. Here, we deliver solutions that empower our clients to optimize visibility, connectivity and control to enhance their financial performance.

Cash Management offers clients over 50 global services, including: Payments, Receivables, Liquidity and Investments, Information Services, and Commercial Cards. Each service is supported by our ten regional processing centers across the globe. We lead the industry by providing global solutions, and using award-winning, innovative platforms that are supported by local experts within the global market. Our clients include corporations, financial institutions and governments. The business has been recognized for excellence by many publications, including Euromoney, The Banker and Global Finance.

With the largest trade services network in the world - spanning 72 countries and 104 cities – Trade Services and Finance offers a broad range of solutions to meet the needs of our global trade clients, from risk mitigation to financing, settlement to information, and export and agency finance. Our trade experts and four regional processing centers offer around-the-clock operations support and deliver world-class solutions to suppliers, buyers and financial institutions. By providing industry-leading settlement, effective risk mitigation and innovative trade finance solutions, we enable both importers and exporters to safely expand their cross-border trade business around the world.

Securities and Fund Services
With more than $12 trillion in assets under custody and trust, Securities and Fund Services is a leader in domestic and cross-border transaction services for the world’s investors, intermediaries and issuers. With the industry’s largest proprietary network, we consistently rank as the premiere choice for custody, clearing, securities finance, global agency and trust and depositary receipt services in more markets than any other bank. Investment managers, broker-dealers and global custodians rely on us for authoritative market intelligence, state-of-the-art processing capabilities and responsive client service.

Fund Services is a leading service provider to the global mutual fund, hedge fund and offshore fund industries. We’ve provided turnkey fund service solutions to the investment industry since 1986. Operating in 18 countries, our primary fund administration centers are located in Portland, Toronto, Bermuda, Edinburgh, Dublin, Luxembourg, Warsaw, Singapore, Hong Kong and Tokyo. These centers provide a comprehensive set of services to all investment fund structures.

Here, you can find out more about Sales and Trading, our work, our clients and where you could fit into the team.

What Is Sales & Trading?
The Sales & Trading division of Citi focuses on advising investors about investment opportunities in the equity and fixed income markets and on transacting business on behalf of our clients. Our professionals buy, sell, structure and research. Our clients include the largest institutional investment managers, mutual funds, pension funds, hedge funds, risk arbitrage funds, sector-specific funds and retail accounts.

Typical roles in Sales & Trading include:

Sales - The Sales team is responsible for building and managing client relationships. They understand clients’ needs through clear and frequent communication, and help to action clients’ needs through problem-solving.

Trading – Traders manage customer-driven business and generate profits through market making, and by taking proprietary positions. Astute risk management and a strong quantitative background are required for this role.

Structuring – The Structuring team utilizes problem-solving skills and innovation as they construct new products and wrappers. Communication of ideas and responsiveness to investor appetite is crucial.

Marketing – Communication and creativity are key to this role. Developing marketing materials, advertising campaigns, business pitches and client communications are a few of the tasks the Marketing team performs.

Quantitative Analysis – Rigorous financial modelling and analysis to understand and replicate exposures and returns for proprietary and marketable purposes are key to this role.

Sales & Trading and Citi
Citi professionals continuously provide market intelligence and liquidity to a wide array of institutions ranging from traditional mutual funds investing primarily in equities to alternative investment vehicles investing across the capital structure. Citi employees must be both in touch with the pulse of the market as well as cognizant of longer-term trends. Whether it's a split-second trading decision or in-depth analysis as part of a complicated transaction, our goal remains concise and simple: to provide value to the investment process of our clients.

How Are We Structured?
The Sales & Trading business covers multiple products including: Commodities, Credit, Equities, Foreign Exchange and Local Markets, G10 Rates/Risk Treasury/Fixed Income Finance, Prime Finance and Services and Retail Structured Products.

Here you can find out more about Capital Markets Origination and how Citi plays a part in it all.

What Is Capital Markets Origination?
The Capital Markets Origination team (Fixed Income Capital Markets and Equity Capital Markets) is focused on raising capital in financial markets for corporate and public sector organisations. CMO originates, structures and executes new issues of capital, provides clients with a range of related services and manages their existing liabilities. These services include secondary trading assistance, real-time market insight, hedging strategies, investor relations advice, regulatory assistance and equity-specific M&A guidance.

Capital Markets Origination and Citi
Capital Markets Origination is the hub linking Citi’s client coverage in our Banking organisation with Citi’s relationships with investors in our Public Markets organisation. CMO combines the client focus and long term relationship building skills of Investment Banking coverage with the fast moving and responsive nature of market facing roles. Our clients range from corporations and financial institutions to public sector entities, across Europe, the Middle East and Africa.

How Are We structured?
The Capital Markets Origination business has a focus in both equities and fixed income markets. Below are the main business groups in each:

Western European and Emerging Markets Equity Capital Markets (ECM)
Our team advises clients on the full range of ECM products including Initial Public Offerings (IPO’s), Rights Issues, Follow-on Offerings, Equity-linked products (convertible and exchangeable bonds) Block Trades and Accelerated Equity Offerings (AEO’s). We work closely with Investment Banking on M&A financing, as well as more general corporate financing requirements.

UK ECM and Corporate Broking
The UK team within ECM is known as Corporate Broking and provides a retained equity advisor service that is unique to the UK stock market. A corporate broker offers advice on possible M&A projects or equity raising issues, and assists in the company’s relationships with investors and regulatory authorities.

ECM Structured Solutions
Our Equity Linked Capital Markets/Corporate Equity Derivatives (CED) team proposes structured solutions that are specific to each client. This team works closely with ECM on equity-linked issues and the CED team also advises corporate clients for hedging/monetizing current stakes, accelerated stake acquisition, tax efficient structures, equity based loans, hedging dilution of Employee Stock Option Programs and structured share buy back programs.

Syndicate
Citi has both an Equity Syndicate and a Debt Syndicate desk reflecting the different investor bases for each product. The Syndicate desks are primarily responsible for the overall marketing process of capital raising, acting as the market facing operation of the ECM/ DCM business. The Syndicate desk leads the bookbuilding process translating orders from investors into a book of demand that allows us to advise the client on final pricing to ensure a successful issue and after-market trading.

Debt Capital Markets (DCM)
DCM advises all classes of issuers, including Sovereigns, Corporates, Financial Institutions and Emerging Markets borrowers, on how to approach the capital markets most effectively to raise funds. They advise clients on their overall capital structure, the mix of long term, medium term and short term financing to provide capital efficiency and flexibility, and the structure of the individual bonds before bringing them to the market. DCM Coverage is organised along a mixture of geographic lines and sector/client lines. Bond investors have traditionally been organised along the lines of investment-grade/non investment grade. By and large, the organisation of Citi’s DCM business reflects that distinction – with non investment-grade or unrated issuance handled by the High Yield team mentioned below. The exception to that is our Emerging Markets business which advises clients on both investment-grade and non investment-grade issuance.

New Products
New Product specialists generate and develope new product ideas and present these ideas to clients, taking the deal through to a successful execution. This team works closely with our ECM Structured Solutions team to provide innovative solutions to client financing needs.

Loans & Leveraged Finance & High Yield
The Loans team originates, structures and syndicates financing for large, investment-grade, corporate companies. Leveraged Finance and High Yield focuses on clients that do not have investment grade ratings from bond agencies and advises those clients on accessing either loan finance or public bond issuance. Citi’s private equity clients will also typically work closely with this team to finance both the acquisition and ongoing financing needs of their portfolio companies.

Securitization
The Securitization team advises clients on how to structure their business to identify and separate stable/predictable cash flows that can be packaged into rated marketable risk and sold to investors. It is a form of debt financing technology actively used in a variety of forms off-balance sheet, and alternative financing for companies and banks.

Fixed Income Derivatives
The Fixed Income Derivatives team advises clients on how to mitigate interest rate and other risks in their capital structure.

Here you can find out more about Citi’s functional core, where technology, support services and operations come together to enable Citi to do business across the globe.

Technology
Technology provides the tools of our trades, keeps our fingers on the pulse of the global markets, helps us communicate and collaborate across the world – and makes everything work. Technology is the key to having a competitive advantage and it’s becoming more influential in our success every year. Our IT capability is divided into two main functions: Infrastructure, which concentrates on the hardware that links people to information across the world, and Development, which creates and maintains the tailored software applications that support traders.

Operations
Operations is the functional core of our business, clearing, settling and executing more than 525,000 trades and moving billions of dollars every day. This is a fast-paced, high-tech environment characterized by a practical commitment to continuous improvement. It would be wrong to think of this as a back-office function, because as well as making everything else possible, the people working in Operations are the primary drivers of our competitive edge in the markets. The bottom line is, if we can do business faster and more efficiently than anyone else, we’ll get more of it. The Operations team is behind that.

Human Resources
Human Resources looks after one of the most important client groups for Citi: its employees. Across the globe, Human Resources share a common goal of attracting, retaining, compensation, benefits, employee relations and developing talent as well as constantly embracing diversity throughout the organization. This is a valuable endeavor, which is inextricably linked to the success of Citi as a whole. In short, Citi's Human Resources professionals provide outstanding people with the best opportunity to realize their potential.