Citigroup expands corporate team by 11

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Citigroup has boosted its UK corporate broking business with 11 new staff. The US bank confirmed it had hired seven brokers at associate level or below, as well as four support staff.

The recruits take Citigroup's corporate broking team to 35.

The US bank has 35 broking clients, of which 10 are in the FTSE 100, including Dixons, the UK retailer, and ITV, the commercial television group.

The appointments are the first since Citigroup poached Nigel Mills, chief executive of Hoare Govett, the broking arm of ABN Amro, and six other bankers in June. The seven new brokers will work in generalist roles supporting senior staff who run client relationships.

Michael Lavelle, head of equity capital markets for Europe Middle East and Africa at Citigroup, said: "These hires underline our continued commitment to building our corporate broking business, which we see as a key element to our UK capital markets and investment banking franchise."

Sources close to Hoare Govett said Citigroup offered contracts to all 74 of the broker's staff in June.

Citigroup has since denied this saying in a statement that it approached around 20 individuals from Hoare Govett but did not extend offers to all of them.

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