Citigroup has bolstered its investment banking division by hiring five senior dealmakers focused on the technology, media, and telecom (TMT) sector, according to a memo seen by Financial News. The hires are part of a broader effort to strengthen the bank's presence in the fast-growing technology space.
New Hires and Their Roles
The new team members include managing directors and directors who will be based in New York and San Francisco. They bring experience from top rivals such as Goldman Sachs, Morgan Stanley, and Credit Suisse. Among them is a managing director who previously led TMT coverage at a major bank, specializing in software and internet deals.
Strategic Focus
Citigroup's move comes as investment banks compete fiercely for talent in the technology sector, which has seen a surge in dealmaking activity. The bank aims to advise tech companies on mergers, acquisitions, and capital raising. According to the memo, the hires will help Citigroup "deepen client relationships and capture market share."
Impact on the Industry
The hires reflect a trend of banks expanding their TMT teams to capitalize on the tech industry's growth. Citigroup's TMT franchise has been active in recent deals, including advising on the $43 billion acquisition of VMware by Broadcom. The bank's revenue from investment banking fees rose 12% in the first half of the year, driven partly by tech deals.
