Citigroup named two long-term insiders as co-heads of banking for Europe, the Middle East and Africa, replacing veteran dealmaker Tom King who stepped down from the US banking group last month.

James Bardrick, 47, and Manuel Falco, 45, will assume their roles immediately, according to a memo seen by staff on Monday. Mr Bardrick, who was most recently co-head of global industrials banking, has worked for Citi for 22 years. Mr Falco, who was head of Iberia banking, has worked for the bank for 11 years.