Citigroup has appointed Robert Way as the new head of its investment banking in the UK after its current chief Andrew Truscott stepped down.

Truscott is set to join John Laing Group, an infrastructure investor owned by private equity company KKR, as CEO.

An ex-banker at JPMorgan Chase, Truscott will assume his new role in early summer. He joined Citigroup in 2018.

Way, who has been associated with Citigroup for over two decades, will also become part of the executive committee of Citigroup’s banking, capital markets and advisory units in the UK and Ireland, reported Bloomberg citing an internal memo.

From the Europe, the Middle East and Africa (EMEA) region, Citigroup receives the highest amount of investment banking fees from the UK, Citigroup head of banking, capital markets, and advisory (BCMA) in the UK and Ireland James Fleming said in the memo.

Over the recent weeks and months, Citigroup reshuffled its wider EMEA leadership.

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By GlobalData

In August last year, Jan Skarbek, a former co-head of Fleming and one of the eminent investment bankers in the UK, quit Citigroup in the midst of alleged misconduct.

Earlier this month, the firm appointed Robin Rousseau and Barry Weir to head its M&A activities in EMEA. The appointment was made to replace Alison Harding-Jones.

In a separate development, Citigroup revealed that it has named veteran dealmaker Gulfraz Qayyum to lead its communications investment banking unit in EMEA.

The latest development amidst reports that Citigroup is planning to lay off hundreds of people across several arms including its investment banking unit.