Cary Kochman Retires from Citigroup's M&A Group

By Svea Herbst-Bayliss

NEW YORK (Reuters) – Cary Kochman, one of Citigroup's top dealmakers, is retiring after spending nearly 14 years leading the bank's mergers and acquisitions group.

Kevin Cox, who took over as the interim head of global M&A earlier this year, will continue in that role, according to sources who requested anonymity due to the matter's confidentiality. Citi announced Kochman's retirement via an internal memo on Thursday. A Citi spokesperson declined to comment.

Kochman, an investment banking veteran with three decades of experience, was based out of Citi's Chicago office. He joined the bank from UBS in 2011, starting as the co-head of North America M&A. He eventually became co-head of the bank's global M&A franchise alongside fellow veteran investment banker Mark Shafir, who stepped down last year. Before working at Citi and UBS, Kochman was with Credit Suisse and First Boston Corporation.

Earlier this year, Citi formed a new executive team of senior leaders from its corporate and investment bank, aiming to capture a larger share of the lucrative deals market. The investment banking unit is a critical component of Citi's growth strategy, with a reported 44% increase in investment banking fees, contributing to third-quarter revenue of $934 million due to strong debt and stock underwriting and advisory fees on M&A transactions.

Citi has advised on several significant transactions this year, including Mars' $36 billion acquisition of Kellanova, the maker of Cheez-It and Pringles. According to LSEG data, the bank ranks fourth among financial advisers by deal value for 2024.