Ex-Shearman managing partner takes helm at Citigroup

June, 23 2014

Stephen Volk, senior partner of Shearman & Sterling for a decade, is to take over as chair of Citigroup's investment bank.

Stephen Volk, senior partner of Shearman & Sterling for a decade, is to take over as chair of Citigroup's investment bank. 360b

Mr Volk, an M&A specialist, was also counsel to Citigroup during his 10-year tenure as managing partner, a term which finished in 2001 when he joined Credit Suisse First Boston.

Department of Justice lawsuit

Mr Volk’s appointment comes after a stream of departures at the bank, including that of Ned Kelly, the current chair, and Jeff Feig, head of the developed market foreign exchange sector. The bank is facing a lawsuit from the Department of Justice over the alleged mis-selling of mortgage-backed securities. The suit looks likely to be expensive, with estimates being made of a US$10b settlement being discussed. Sources: Financial Times and BusinessWeek