Finance

Citi exec Drury to move to San Francisco in tech push: ‘We have big ambition’

The head of Citigroup’s investment bank in Europe is relocating to San Francisco to head up a new unit aimed at capitalising on technological disruption.

The unit will be one of what the bank calls a ‘super group’ where Citi aims to tap into a growing trend that straddles multiple sectors and divisions. Philip Drury, who has been head of banking, capital markets and advisory for Europe, the Middle East and Africa at Citigroup for over two years, will lead the new team of around 400 investment bankers globally.

Drury told FN that the bank intends to expand the unit, which is aimed at targeting digital disruption.

“We will invest meaningfully in the combined franchise and I am highly motivated by the opportunity,” he said. “We have big ambition.”

Drury will become head of technology and communications, a new investment banking unit that “will align our current Technology and Communications franchises, allowing us to better serve our clients as they converge across these sectors with a more comprehensive coverage model, leveraging insights, best practices, and capital optimisation,” the bank told staff in a memo announcing the move.

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“If we can break down silos across technology enabled convergence and fully align one ICG our client impact will be unmatched,” Drury told FN.

Technological disruption has been a key driver of M&A activity in recent years, a trend that has straddled sectors. The new team at Citi is its latest attempt to capitalise on so-called ‘mega-trends’, following the promotion of Steve Trauber and Sandip Sen to lead a new team capturing advisory work from the global transition to renewable energy in March.

READ Citi promotes European investment bank head Drury to lead new tech unit

Drury will remain as head of BCMA for Emea until a replacement is named. Drury has held various senior roles at Citigroup during a career that has stretched over two decades. Before taking over leadership of its European investment bank, he was head of capital markets origination for Emea. Prior to this, he headed the bank’s equity capital markets unit in New York.

Citigroup finished third in the investment banking revenue league tables in Emea in the first quarter, with $466m, according to data provider Dealogic. David Livingstone, CEO of Citigroup in Emea, told FN previously the bank was aiming for the top spot.

Mark Hantho, a former senior Deutsche Bank dealmaker who joined Citigroup in 2019 as vice chair of BCMA, will become vice chair of the new technology and communications unit, the memo said. Mark Keene and Herb Yeh, global heads of technology and Gordon Kroft, Dan Richards and Wilhelm Schulz, global heads of communications, will also support Drury in his new role.

Drury added that the unit will draw in the resources across Citigroups institutional clients group, which houses its investment bank, private bank, commercial bank and treasury and transaction services unit.

To contact the author of this story with feedback or news, email Paul Clarke

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