Ignacio Gutiérrez-Orrantia, often referred to as Nacho, has been appointed as the CEO of Citibank Europe by Citigroup. The banking hub, based in Dublin and serving the EU region, previously saw Mr Gutiérrez-Orrantia balancing his role here with his status as head of the Europe cluster and banking. Following Kristine Braden’s departure from the CEO position last year amidst company reshuffling, he took on the responsibility after managing the relationships of Citigroup’s clients in Europe since November 2023.
As part of a worldwide cost-reduction scheme, the bank saw 168 roles from its Irish division being discontinued in March. However, the primary Dublin hub, which employed nearly 3,000 individuals by the end of the last year, will maintain its significance in Citigroup’s international network.
Bringing more than 30 years of experience in finance to the table, Mr Gutiérrez-Orrantia has a 20-years career span with Citigroup. His most recent position was as a co-operator of the banking capital markets and advisory business across Europe, the Middle East, and Africa (EMEA).
Last year, the European hub of Citigroup emerged as Ireland’s second-most significant bank, with assets rising nearly 20% to reach $154.6 billion (€144.2 billion). This rise was catalysed by the relocation of the US bank’s share in a Polish bank to the business, although the Bank of Ireland retained the top spot with assets of €156 billion.
Furthermore, Citibank Europe saw its profits before tax skyrocket by 68% last year, hitting $2.14 billion, a result of the global uplift in interest rates.