William Cumming, former European head of Citi’s global special situations group (GSSG), is on the move again. He has quit Citi for rival RBS, joining the UK bank’s private equity division in New York. Cumming moved to Citi’s GSSM just over a year ago in April 2006. Before that he had been co-head of the bank’s European securitization business with David Basra since 2004. In his new role Cumming will be working alongside Lindsay McMurray, who rejoined RBS in October 2005 after quitting the bank in April 2004 to join Drawbridge Capital, sister company of Fortress Investments. During her time away from RBS she also spent a few months at Merrill Lynch.
This is the second time in three years that Cumming has quit Citi: he was hired by Bank of America as head of European ABS/MBS in May 2004 but returned to Citi almost immediately.
Cumming is being replaced in the GSSG by Paul Young, who is currently global head of Citi’s asset finance, infrastructure and energy, and export and agency finance groups. Young is no stranger to London: he ran European debt syndicate from 2001 until 2005.
RBS is also focusing on its corporate securitization capabilities in the US – a market segment in which it has had huge success in Europe.
