In mid-July, Frank Yeary will leave his post as global head of Citigroup Inc.'s mergers and acquisitions practice. In August, he will take up a new job as vice chancellor for the University of California at Berkeley. Raymond McGuire, Citi's co-head of investment banking, will become the M&A chief until a replacement is found.
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So how long will McGuire keep Yeary's seat warm? No one really knows, but Deal Journal has an idea of where Citi may be hunting:
Considering how many bankers and traders Citi has pulled from Morgan Stanley, we wouldn't be terribly surprised if Morgan Stanley South -- as Citi has been dubbed by some wags -- looked to the old home.
On the other hand, Citi has country heads for France, Italy, Spain, Japan and Australia, so rather than poaching from a rival, the firm could also consider calling someone up from abroad. And considering the weakness of the dollar making U.S. companies prime targets for foreigners, now may be the perfect time to tap a foreigner to oversee global M&A. - Baz Hiralal and Matthew Wurtzel
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