Citigroup dealmakers from London and Dubai won the race to become managing director as Europe, the Middle East and Africa made up nearly 40% of the promotions in its banking team.

The US bank promoted 17 new managing directors within its banking division from Emea this year, which makes up 38% of the 45 people in the unit to make the cut. This is the same proportion of new MDs in the division as from the US.