Citi hires Lazard's Hessberger to co-lead new financial investors group

Citigroup has hired veteran investment banker Klaus Hessberger to co-lead its newly formed Financial and Strategic Investors (FSI) arm. The move signals an organizational buildout in Citi's banking franchise and a greater focus on serving financial and strategic investors, but the memo contains no financial metrics or immediate market catalyst. The announcement is likely incremental for the stock rather than price-moving.

Analysis

Citigroup has hired veteran investment banker Klaus Hessberger to co-lead its newly formed Financial and Strategic Investors (FSI) arm. The move signals an organizational buildout in Citi's banking franchise and a greater focus on serving financial and strategic investors, but the memo contains no financial metrics or immediate market catalyst. The announcement is likely incremental for the stock rather than price-moving.