Citigroup hired Peter Kimpel as head of banking, capital markets and advisory for Germany and Austria. Kimpel comes from Barclays where he led its operations in Germany, having joined the lender two years ago from fintech company Rocket Internet. A former Goldman Sachs dealmaker, Kimpel will replace Stefan Wintels, who wears a number of hats at the US bank including global co-head of the financial institutions group and vice chair of Germany, which he will retain. Investment banking fees have surged by 20% in the country this year, according to Dealogic, and competition for senior dealmakers is heating up.

Barclays' ring-fenced UK retail bank has a new chair as Sir Ian Cheshire announced his intention to step down after more than two years in the job. It's a challenging time for retail banks, which are having to overhaul their businesses to offset the impact of the Covid-19 crisis and a new prolonged era of low interest rates. Cheshire said he could not dedicate the necessary time to do this, and has handed the reins to Crawford Gillies.