In his early twenties, having completed an MBA at Lancaster University in the UK, Wilhelm Schulz divided his time between his native Austria and America and was variously a ski instructor or lifeguard, depending on the season.

Less than two decades later he was co-running one of the biggest M&A franchises in Europe for Citigroup during the worst financial crisis in two generations. Despite the near collapse of Citigroup at group level - at the peak of the credit crisis - Schulz has helped the bank gain market share in M&A in the region against all the odds. At 26 he was contemplating a career in academia when he was approached by the then independent Wall Street firm Salomon Brothers with an offer to join its London-based investment banking team. Salomon is now part of Citigroup and Schulz, 42, is head of the bank's European mergers and acquisitions business. In January 2008, he was appointed its co-head alongside Ian Hart. In the uncompromising world of investment banking humour, the two were known as "Little and Large". Schulz is described as "quite tall". The duo were appointed two weeks after the US bank reported a $10bn loss for the previous quarter because of its exposure to the US sub-prime mortgage market, and the month that Vikram Pandit, the newly installed Citigroup chief executive, announced 4,200 job cuts, including several hundred in the European investment bank. It was just the beginning of the turmoil for Citigroup. By the end of the year, the 200-year-old financial giant had been bailed out by the US government after posting more than $100bn in writedowns. Over 2008 and 2009 several big-name European dealmakers walked out, including Schulz's co-head Hart, Bill Kennish, Matthew Ponsonby, Julian Mylchreest and head of banking for the region Tom King. Despite these defections and the chaos from the crisis, the European M&A business improved. Schulz grew Citigroup's market share from 17.7% in 2007 to 22.8% in 2009. In league table rankings, the European operation rose from sixth to fourth over the two years. And while last year the bank fell to seventh in Europe with a 13.7% share, so far this year it is second with 23.9% of total market share. According to a former colleague, one of Schulz's strengths is his ability to forge lasting relationships with boards and chief executives: "He was always very sought after at board level. Some bankers are very execution-focused but Willie was able to build an ongoing dialogue and then execute on that advice when it was required." One head of M&A at a rival investment bank said: "Citigroup suffered a bit but you have to give them credit for hanging in there and refusing to die. Even after all the departures, Citigroup picked up business." Schulz said: "It wasn't as difficult to hold on to clients as people might have expected. Even when we were having our own issues we stood by our clients and they appreciated that. We had some tough press but we stood firm and have turned that around now. As a corporate you want a bank that is there through thick and thin, not one that is just there to pick up the fees." Between 1996 and 2005, Schulz led Citigroup's UK telecoms, media and technology team, which cornered the market in a way few sector teams have done before or since. The advent of mobile communications, the explosion of the internet and the opening up of far-flung telecoms markets in the late 1990s and early 2000s meant TMT was a huge source of business for investment banks. Schulz worked on some of the landmark deals of the era including the $43bn merger between General Electric's NBC and Vivendi's Universal Entertainment in 2003, and the 2000 acquisition of Orange by France Telecom for £25bn. German franchise In 2005 Schulz moved to Germany to lead the German M&A franchise. Citigroup finished that year fourth in the league tables for German M&A and stayed in the top 10 until Schulz returned to London in 2009. During his time in Germany, Citigroup picked up slots on the biggest deals, including pharma group Bayer's €17bn acquisition of rival Schering in 2006 and engineering firm Continental's acquisition of peer Siemens VDO for €11bn in 2007. Schulz continues to advise Volkswagen on its complex, multi-stage merger with Porsche. He was rewarded for his success in Germany when he was named co-head of banking for Germany and Austria alongside his M&A role in 2010. Schulz is optimistic about the future of M&A, despite macro-economic uncertainty and the political situation in North Africa and the Middle East. He said: "There are always things that come to the surface which hold back boards [from making M&A decisions]. The fundamental question should be: is M&A more or less important than in the past and the answer has to be more. "The growth that drove corporate profits in the past was credit-fuelled and that is over now. Companies have to look elsewhere for growth, particularly the emerging markets, and that is a strong catalyst for M&A." His boss is in no doubt the bank has the right man for the job. Manuel Falco, co-head of investment banking for Europe, said: "Willie is one of the best-prepared and experienced bankers of his generation. His deal track record and extensive international experience make him a banker to go to when you want an A+ team on a deal or a second opinion before a big strategic M&A decision."