(Bloomberg) -- One of Citigroup Inc.’s top dealmakers is departing as the New York-based firm seeks to turn around its investment banking franchise.
Cary Kochman, head of global mergers and acquisitions, is retiring immediately, according to people familiar with the matter. Kevin Cox will serve as interim M&A head while the bank seeks a replacement, said the people, asking to not be identified because the details aren’t public.
The departure was announced in a memo to staff Thursday, the people said. A representative for Citigroup declined to comment.
The departure comes after Citigroup Chief Executive Officer Jane Fraser reshuffled the senior ranks at the bank earlier this year to revive its banking and advisory businesses.
She hired Viswas Raghavan in February from JPMorgan Chase & Co. to run its newly formed banking division, overseeing corporate, commercial and investment banking. Since then, he’s brought in talent from his old firm and created a new investment banking operating team to boost returns at the Wall Street bank.
Kochman has a background advising on deals in the industrials sector. During his time at the firm, he advised aerospace group Rockwell Collins in its $23 billion sale to United Technologies and pharmaceutical group Baxalta on its $32 billion takeover by Shire Plc.
Kochman was named co-head of global M&A in 2017, after joining the bank in 2011 from UBS Group AG as head of North America M&A.
Reuters first reported on Kochman’s retirement.
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