October 11, 2019 / 1:55 PM / 3 days ago

Citigroup names global co-heads for its equity capital markets business

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

(Reuters) - Citigroup Inc (C.N) on Friday named Douglas Adams and James Fleming global co-heads of its equity capital markets business, which helps companies raise money through IPOs and private placements.

The appointments come at a time the business could be bracing for a dry spell following failed IPOs including WeWork-owner The We Company and disappointing debuts such as U.S. fitness startup Peloton Interactive Inc (PTON.O).

Citi poached Fleming in 2018 from Bank of America Corp (BAC.N) to co-head its equity capital markets business in Europe, Middle East, and Africa. Citi named Suneel Hargunani to co-head the business in the region.

Adams was most recently co-head of Citi’s equity capital markets business in North America. Citi named Paul Abrahimzadeh and Russell Chong to co-head the business in the region.

Reporting by Bharath Manjesh in Bengaluru

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