Citi Appoints Åkermark & Dichow to Lead Nordics Investment Banking Push

Citigroup’s dual-appointment of Tobias Åkermark and Kasper Dichow signals a significant escalation in its commitment to strengthen its investment banking presence in the Nordic region. The bank has clearly recognized the strategic importance of the Nordics—not merely as part of Europe, but as a hub for deal-making that offers the opportunity to capture both global mandates and regional clients. By installing senior officers with deep domain knowledge and entrenched networks in the region, Citi aims to both defend existing market share and challenge other global players stepping up local hiring.

Åkermark is a heavyweight with over two decades of experience, including leading roles at both Barclays (Country CEO Sweden; Head of Nordic Banking) and Morgan Stanley (Head of Nordic M&A). Dichow similarly brings long experience, most recently leading Nordic Corporate Finance and Equity Capital Markets at Nordea, and previously at Credit Suisse. These credentials cover the critical intersections of M&A, ECM, sectors and product coverage across the Nordics, which will be essential to successfully executing Citi’s integrated model across advisory, underwriting, and capital markets execution.

The timing of their arrival—Åkermark before end-2025 and Dichow in early 2026—suggests deliberate phasing, allowing for transition and perhaps overlap, enabling continuity while refreshing client relationships. It also allows Citi to plug the leadership vacuum left by the departure of Lars Ingemarsson, who moved to Evercore. Such transitions are often moments of vulnerability in client servicing and deal origination, so this rapid succession is likely intended to mitigate disruption.

Competitive context matters: the Nordics is emerging as a high priority for many global and boutique investment banks. As reported, $1.7 billion in fees were generated in the first nine months of 2025—higher than comparable southern European markets such as Spain and Italy. Firms like JPMorgan, Evercore, Lazard, Rothschild, UBS, PJT Partners, and Moelis are expanding aggressively in recruiting and opening outposts. Citi’s move with Åkermark and Dichow is a defensive-offensive strategy—both to meet rising client demands and to avoid being late to the race.

Strategic implications include the risk of overcapacity if deal volumes soften, and the challenge of integrating co-leadership across multiple product lines and cross-border workflows. Open questions: how will Citi balance resourcing between Stockholm and Copenhagen, what’s the coordination between them, and what product verticals will be prioritized? Also, to what extent will Citi invest further (hiring, capital markets roots, sector specialists) to translate leadership appointments into revenue growth?