Citigroup has named Raymond Gatcliffe, the head of its commercial bank for Europe, the Middle East and Africa, as the new head of its commercial bank in North America.
The company said in an internal memo Thursday that Gatcliffe will replace Richard Banziger, who is retiring after 38 years with the company. Gatcliffe’s appointment will take effect March 1.
Citi Commercial Bank was created in 2011 to cater to companies with at least $10 million in annual revenue and that have ambitions to do business in multiple countries. It has clients in more than 30 countries.
Gatcliffe joined Citi in 1994 and has headed the commercial bank for Europe, the Middle East and Africa since 2019. On his watch, the unit has established a presence in multiple new markets in Western Europe as well as emerging markets in Central and Eastern Europe and the Middle East, according to the memo.
Citi said it will immediately begin searching for Gatcliffe’s replacement for Europe, the Middle East and Africa. Gatcliffe will remain senior manager for Citi’s legal entities in the U.K. until his replacement is identified and approved by U.K. regulators, the memo said.
