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, according to sources familiar with the situation. His co-head, Josh Li, will now assume the role of sole head of TMT ECM. Feige had joined Citigroup in 2022 after serving as co-head of Asia ex-Japan ECM at JPMorgan Chase & Co. Representatives from both Citigroup and UBS have chosen not to comment on this development.
Last month, Citigroup 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 addition of new talent like Raghavan and the departure of Feige 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.
In recent years, there has been a significant shift in investment trends towards technology and innovation-driven companies. This trend is expected to continue in 2023 as more businesses look to take advantage of emerging technologies such as artificial intelligence and blockchain.
At the same time, there are concerns about rising inflation and economic uncertainty that could impact investment decisions. Despite these challenges, many experts believe that investors will continue to focus on long-term growth opportunities rather than short-term gains.
Overall, 2023 is likely to be another year of significant change and opportunity for investors in the technology and finance sectors. As companies continue to innovate and adapt to changing market conditions, it will be fascinating to see how they navigate these challenges and seize new opportunities for growth.