Citigroup Names Dual Leaders for Nordic Investment Banking: Åkermark & Dichow

3Background and Context

Citi has for years maintained a presence in the Nordic investment banking market, but its latest leadership overhaul in October 2025 signals a sharpened push. The bank is installing joint heads of its Nordic investment banking franchise—Tobias Åkermark and Kasper Dichow—to increase its agility and competitive position in a region where deal activity and fees have become more attractive. This move comes amid Citi’s broader European restructuring and turn-around efforts. [1][2]

3Executives’ Credentials and Strategic Fit

Tobias Åkermark is joining from Barclays, where he served as Sweden Country CEO and head of Nordic banking; he previously spent 15 years at Morgan Stanley, leading Nordic M&A. He will be based in Stockholm and start in late 2025. [1][2] Kasper Dichow has been Nordea’s head of Nordic corporate finance and ECM; he also led Credit Suisse’s Nordic investment banking operations before joining Nordea in 2015. He will be based in Copenhagen starting early 2026. [1][2]

3Strategic Significance for Citi

This dual-leadership structure—splitting geography between Stockholm and Copenhagen—appears designed to enhance regional presence and leverage the individual strengths of each executive. This reflects Citi’s strategy to simplify its organizational structure and drive performance, specifically aiming for mid-single digit growth in investment banking fees and markets revenue in Q3 2025 relative to the prior year. [1][2]

3Competitive Landscape and Implications

The Nordics are seeing increasing competition: firms such as PJT Partners, Evercore, UBS, Lazard, JPMorgan and Citi itself are staffing up senior dealmakers in Stockholm and other Nordic centers. Revenue for investment banking in the first nine months of 2025 in the region was about $1.7 billion—outpacing Spain and Italy over the same period. [4] Citi’s recruitment captures talent from Barclays, Nordea, and even rivals such as Credit Suisse, underscoring how critical leadership and networks are becoming. [1][4]

3Open Questions and Execution Risks

• How will the co-heads split strategic and operational responsibilities? Geographic boundaries? Product lines? Overlap could lead to inefficiencies or confusion.
• What will be the precise impact on revenue growth objectives? Are these hires sufficient to shift market share from incumbents?
• How are local Nordic banks expected to respond—not just through hiring, but through pricing, deal structures, and client relationships?
• Will these changes be tied to new investments in infrastructure, technology, or product offerings in the Nordics?

3Conclusion

Citigroup’s hiring of Åkermark and Dichow constitutes a decisive move to strengthen its Nordic investment banking platform. By tapping high-profile industry veterans and positioning them in Stockholm and Copenhagen, Citi aims to accelerate growth in a region increasingly important for global banking revenues. The success will depend heavily on execution of the dual-leadership model, clear mandate delineation, and competitive positioning vis-à-vis both global competitors and entrenched Nordic institutions.