Citi has appointed former Credit Suisse banker David Livingstone as its new country head for Australia, replacing Stephen Roberts.
Ending a year-long search, the US bank yesterday revealed it had convinced Mr Livingstone to leave Credit Suisse and return to Sydney from London to take the role from   June 1, reporting to Asia-Pacific chief Francisco Aristeguieta. 
One of his first tasks will be to appoint a new chief financial officer after the bank confirmed Karina Kwan had left.
Mr Livingstone, 52, who ran Credit Suisse Australia from 2010 to 2013, was most recently vice-chairman of investment banking and capital markets for Europe, Middle East and Africa.
His appointment continues the upheaval in the industry this year, with Michael Ormaechea replacing James McMurdo as country chief of Deutsche Bank and Barclays pulling the pin on Australia.
Mr Roberts, who served as country head for 13 years, said the search for his replacement took longer than planned partly because of the regional transition to Mr Aristeguieta from Stephen Bird. He said the bank considered both internal and external candidates before deeming Mr Lingstone the "standout".
"It was by no means a reflection of any lack of talent internally. There was a strong pool and we spend a lot of time on talent and succession," Mr Roberts, who will transition into a new role of chairman, told The Australian. "But David's name came up. He was prepared to come home and as we had more conversations it was clear he was the right guy. He ticked a huge number of the boxes. The one he didn't tick was the retail (banking) side, but candidly I have no concerns about his ability to pick that up quickly." Unlike many foreign banks, Citi operates a notable retail operation alongside an investment bank, increasing the level of regulatory demands and oversight.
Mr Roberts said Citi remained "absolutely committed" to its retail arm despite recently closing a few small branches.
There had been speculation that the Melbourne-based head of corporate and investment banking Tony Osmond might replace Mr Roberts, but this cooled over time.
Mr Roberts said Mr Livingstone had established client relationships and had been a successful leader in a similar role. He said hiring a banker who knew the market, rather than jetting in a foreign banker, was critical."People who know the community, who know the government, the regulators - I think that's more critical. I think the old days of flying someone in for three or five years, those really have gone," he said.