Starting work in the middle of April, Molyneux will be responsible for CitigroupÆs investment banking businesses related to the metals and mining industry. Molyneux will be based in Hong Kong and will report to Shaheryar Chishty and Chris McAuliffe, co-heads of the bankÆs industrials group Asia-Pacific.
ôAlex is a great addition to our industrials team. He brings extensive knowledge of Asia's metals and mining industries, where he has developed excellent client relationships and has been involved in a number of landmark transactions. We look forward to him leading CitiÆs client coverage in this increasingly important and vibrant sector,ö says Mark Renton, the bankÆs managing director and head of investment banking for Asia-Pacific.
Before joining Citigroup, Molyneux worked with UBS for two-and-a-half years, dealing with metal and mining clients in Australia. Prior to that he spent five years with Deutsche Bank, where he held several positions covering corporate finance as well as M&A.
Building up foreign and local markets capabilities in Asia is a focus for Citigroup and there are additional hires in the works in the region, a spokesperson from the bank said earlier this month.
The news comes hot on the heels of recent media reports that Citigroup CEO Chuck Prince is contemplating axing up to 15,000 jobs, representing around 5% of the bankÆs global workforce. The reduction is anticipated across locations but regional hubs such as New York, London and Hong Kong are expected to be most severely affected.
Prince has not confirmed the rumours regarding headcount trimming but has announced that cost reduction programmes are an agenda item for the bankÆs forthcoming annual shareholder meeting on April 17. Citigroup has been under pressure to control costs, which have recently been rising faster than revenues.
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