Citigroup Inc.'s Ajay Banga, chief executive of Citi Asia Pacific, will leave the firm to become president and chief operating officer at MasterCard Inc. He will report to president and CEO Robert Selander. Citi is looking for a replacement for Banga. Before joining Citigroup in 1996, he spent 13 years with Nestlé India and two years with PepsiCo Inc.
Cantor Fitzgerald LP hired David Stith for its investment banking group as a managing director, head of leveraged finance and financial sponsor coverage. The investment banking practice is expected to add about 50 to 70 bankers over 12 to 18 months to target middle-market clients.
Stith was with Merrill Lynch & Co., where he was a managing director in the leveraged finance group. Deals he worked on there included Freeport-McMoRan Copper & Gold Inc.'s $25.9 billion acquisition of Phelps Dodge Corp. and Hertz Corp.'s $15.5 billion leveraged buyout by a consortium of private equity firms.
Check The Deal Pipeline for updates on these Movers & shakers:
- Investcorp tapped 32-year Citigroup Inc. veteran Mohammed Al Shroogi as head of its Gulf activities.
- Merrill Lynch & Co.'s Kevin Scheetz joined Moelis & Co. as a managing director in technology.
- Royal Bank of Scotland Group plc took on UBS' Eugene Rigo as a managing director on the U.S. primary dealership desk.
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