Citigroup has appointed Andrew Conway as global chair of its consumer and retail investment banking unit, according to an internal memo confirmed by the bank. Conway is slated to join Citi in September and will be based in New York, where he will collaborate closely with Stacia Ryan, Citi's head of consumer and retail.
Conway brings more than 30 years of experience in consumer and retail banking to the role. Prior to his most recent position as vice chairman of consumer and retail investment banking at Bank of America, he spent two decades at Credit Suisse, rising to vice chairman of global consumer products. His career began at Salomon Brothers and also includes time in equity research at Morgan Stanley.
In the memo, Chuck Adams, global head of healthcare, consumer and retail investment banking, said: "Andrew's appointment reflects our commitment to expand and strengthen our Consumer & Retail Investment Banking franchise and drive market share in this strategically important sector. His deep industry expertise, extensive client relationships, and proven track record will be instrumental in driving growth across our global platform." A Citi spokesperson confirmed the contents of the memo. Bank of America declined to comment.
The move comes as Citi has recently advised on a major consumer transaction. The bank served as an adviser to spice-maker McCormick on its $65-billion agreement to acquire Unilever's food business, a deal described in the memo as the largest consumer transaction of the year so far.
Conway's hiring is positioned by Citi as a step to broaden and deepen its consumer and retail investment banking capabilities and to pursue additional market share in that sector. The memo emphasizes his industry relationships and track record as central to the strategy for growth across Citi's global platform.
Context and implications
Conway's background spans senior roles at multiple large investment banks, with a lengthy tenure focused on consumer products and retail clients. At Citi, he will be expected to help expand advisory services and strengthen client coverage in consumer and retail industries, working alongside existing consumer leadership based out of New York.
The bank's recent advisory role on the McCormick-Unilever food business transaction is highlighted in internal communications as evidence of Citi's activity in the consumer space.