Citigroup has appointed its head of credit trading in Europe to run equities in the region, the latest change in the US bank's markets business and a rare example of a fixed income professional moving into the asset class.

The bank has named Tim Gately as its new head of European equities, replacing Andy Thompson, who left earlier this year. In his new role, Gately will report to Leo Arduini, head of markets in Europe, and Derek Bandeen, global head of equities.