Bloomberg News

Citigroup Hires Hoover for Capital Markets Origination Role

June 15, 2011

(Updates with underwriting rankings in the fourth paragraph.)

June 15 (Bloomberg) -- Citigroup Inc., the third-largest U.S. bank, hired Elinor Hoover from Morgan Stanley as vice chairman of capital markets origination in the Americas.

Hoover, a former vice chairman of global capital markets at Morgan Stanley, will start Sept. 8, according to an internal employee memo obtained by Bloomberg News and confirmed by Danielle Romero-Apsilos, a spokeswoman for the bank.

Hoover, 44, will report to John Chirico and Richard Zogheb, co-heads of New York-based Citigroup’s Americas capital markets origination business, according to the memo. The unit helps raise capital for clients.

Citigroup Chief Executive Officer Vikram Pandit, 54, is trying to boost the firm’s rankings in origination. It was third among underwriters of U.S. corporate bonds in 2010, behind New York-based JPMorgan & Chase Co. and Charlotte, North Carolina- based Bank of America Corp., according to data compiled by Bloomberg. The lender was the sixth-largest underwriter of U.S. equities last year, according to Bloomberg data.

“Our ability to develop market-leading solutions is critical to maximizing revenues from these very sophisticated clients,” Chirico and Zogheb said in the memo. “We will benefit significantly from Elinor’s deep corporate relationships and her extensive product knowledge and expertise.”

Hoover has worked in capital markets for more than 20 years and held other positions with New York-based Morgan Stanley, including North American co-head of fixed income capital markets and corporate derivatives, according to the memo. She has a master’s degree in business administration from Harvard University, according to Bloomberg data.

Top Stories: TOP <GO> For stories about Citigroup: C US <Equity> CN <GO> Map of today’s trading: IMAP <GO> Financial company news: FTOP <GO>

--Editors: William Ahearn, Steve Dickson

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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