Citi Loses LatAm I-Bank Co-Head

Carlos Vara, co-head of Citi’s LatAm investment banking unit, has left the firm, say people familiar with the matter. Friday was apparently the last day for the Mexico-based executive. The reason for his departure is not clear, though some speculate the choice to leave was voluntary. The investment banking business that Vara helped run covers advisory, M&A and the equity product on occasion. Ricardo Lacerda, Vara’s former co-head based in Sao Paulo, remains at the firm, say company officials, though it is not clear who will replace Vara to run Mexico. A Citi spokeswoman declines to comment.