Now Citi lost a banking MD who was only promoted last December
There have been several changes at Citi's investment bank. Vis Raghavan has arrived from JPMorgan and is installing some of his own people in New York; Alison Harding Jones has left for Deutsche Bank in London, and the group of Spanish bankers who previously ruled the European roost has ceded power to Jens Welter, who was hired from Credit Suisse two years ago.
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Amidst the upheaval, it's probably not surprising that people are leaving. This includes Faraz Ali, a chemicals banker who was only promoted to managing director (MD) in December 2023.
After 17 years at Citi, Ali has gone to the London office of PJT Partners, the boutique founded by ex-Morgan Stanley banker Paul Taubman and known for its generous pay. Ali is now an MD in PJT's London office.
Citi has lost a few bankers since its restructuring. Most significantly, Tyler Dickson, Citi's head of investment banking, left to run client relations for the credit and insurance unit of Blackstone in July. Shreyas Bordia, head of energy banking for EMEA left late last year amidst the restructuring. Michael Gregg, a director in London, recently left for Ardea. Luke Spells, a UK MD focused on midcap firms went to Investec in May and Alex De Souza in industrials went to Jefferies. Daniel Everall and Anirudh Agrawal, directors in EMEA M&A are also thought to have resigned in recent weeks.
Speaking to investors in July, Taubman said PJT continues, "to invest in talent at all levels" after revenues rose 26% in the first half of the year. Citi may want to watch out.
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