David Finkelstein, the head of Citi’s consumer and retail mergers and acquisitions division, is leaving the bank. Sources familiar with the matter confirmed his departure on Monday. Finkelstein has been a key figure overseeing significant deals in the consumer and retail sectors during his time at Citi.
His exit signals a significant change within the bank’s M&A team. While the exact reasons for Finkelstein’s departure were not shared, sources indicated that the move was amicable. Citi has not yet named a successor to fill his role.
Based in New York, Finkelstein joined Citi from Bank of America in 2018. He worked on several high-profile transactions, including grocery chain Kroger’s failed $25 billion attempt to acquire rival Albertsons.
Finkelstein’s departure signals shift
Finkelstein also advised Mars, the family-owned candy company, on its $36 billion purchase of Kellanova, the maker of Pringles. In recent years, Citi has made efforts to strengthen its consumer and retail deal-making unit by hiring top talent from competing banks. The goal has been to secure a larger share of advisory roles on significant transactions.
In 2023, Citi brought on Stacia Schlosser Ryan from Barclays as global co-head of consumer and retail banking, capital markets, and advisory. Later that year, Barrett Frankel joined Citi from Barclays to co-head consumer investment banking in North America. According to data from Dealogic, Citi ranked fourth among advisers based on the value of deals worked on in 2024.
Citi declined to comment on Finkelstein’s departure. Finkelstein did not immediately respond to requests for comment.
Photo by; Scott Wyden Kivowitz on Unsplash