Shifts in the Banking Sector: Citigroup Loses TMT ECM Co-Head, JPMorgan Brings on New Head of Banking Division

Gregor Feige, the North America co-head of technology and communications equity capital markets at Citigroup Inc., has left the bank to join UBS Group AG. This news was reported by sources familiar with the situation. Feige had been with Citigroup since 2022, after serving as co-head of Asia ex-Japan ECM at JPMorgan Chase & Co. His co-head, Josh Li, will now assume the role of sole head of TMT ECM. 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.