Hats off to Citi’s PR machine with the announcement last week that John McLean would be returning from Singapore as head of equity capital markets for Australia and New Zealand. Most (if not all) of the coverage in the finance press reprinted its media release.
Or, naturally, focused on McLean replacing Rob Jahrling, the three-time Olympic rower who presided over the bank’s mishandling of a Goodman block trade last year. Citi’s misjudgment around the price of $1.9 billion of Goodman shares led to a $70 million loss for the firm. Few recover from such a big, single loss. Jahrling was always going to be on borrowed time.
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