Hong Kong: Citigroup’s Asia-Pacific M&A head, Steven Wallace, has left the bank, sources familiar with the matter said on Monday, roughly two years after agreeing to take on the post.
A Citigroup spokesman confirmed Wallace’s departure.
News of Wallace’s move to Citi came in July 2007, although his arrival at the bank was delayed by a dispute with his former employer, HSBC.
Wallace had been head of HSBC’s regional investment banking unit since 2005.
Wallace replaced Gordon Paterson, who left Citi at the time to join rival Deutsche Bank.
Wallace joined HSBC in August 2004 from Goldman Sachs as head of its Asia advisory group, as part of a large investment banking expansion spearheaded by former Morgan Stanley executive John Studzinski. Studzinski is now a senior managing director at the Blackstone Group.
Sources said that Wallace had moved back to London, where he expected to take time off from the banking industry.
Citi was expected to soon name a replacement, said the sources, who were not authorised to speak publicly about the departure. Reuters was unable to reach Wallace for comment.