Shifting Dynamics in Banking and Finance: The Departure of Citigroup’s North America Co-Head and the Addition of New Talent

Citigroup Inc.’s North America co-head of technology and communications equity capital markets, Gregor Feige, has left the bank to join UBS Group AG. This news comes after Feige joined Citigroup in 2022 from JPMorgan Chase & Co., where he served as co-head of Asia ex-Japan ECM.

In recent months, Citigroup has brought on Viswas Raghavan from JPMorgan to lead its new banking division as dealmaking activity begins to pick up steam. CEO Jane Fraser noted at an investor conference that there has been a noticeable improvement in sentiment, with several new deals being announced. However, there is typically a delay before these announcements translate into revenue for the company.

The departure of Feige and the addition of new talent like Raghavan suggest shifting dynamics within the banking and finance sector. As the economy continues to rebound, it will be interesting to see how these changes impact the market in the coming months. The industry is seeing positive signs of recovery and growth as more deals are being finalized, indicating a shift in focus towards investment opportunities in technology and communications sectors.

Overall, this development highlights the importance of having skilled professionals with expertise in emerging areas like technology and communications equity capital markets. As banks continue to adapt to changing market conditions, it will be crucial for them to attract top talent and keep pace with technological advancements.

Feige’s departure from Citigroup marks a significant change within the bank’s leadership team. His departure was not commented on by representatives from both Citigroup and UBS. It remains unclear what led Feige to leave his position at Citigroup and join UBS Group AG.

However, it is clear that this change will have an impact on the future direction of Citigroup’s technology and communications equity capital markets division. With Josh Li now assuming sole responsibility for TMT ECM, it will be interesting to see how he navigates this challenging market landscape.

Overall, this development underscores the importance of having strong leadership teams in place during times of economic uncertainty. Banks must be able to adapt quickly to changing market conditions while continuing to attract top talent that can help them navigate complex financial situations.