Philip Drury has been selected by Citigroup Inc. to head up a new investment banking group that has a concentration on firms in telecom, data, entertainment, media and tech, Bloomberg reported.
Drury will move to California for his global head of the technology and communications group position. As it stands, Drury heads up the banking, capital markets and advisory division in Europe, the Middle East and Africa, Bloomberg reported, citing a memo from Manolo Falco and Tyler Dickson.
Up to the time the company finds someone to replace him, Drury will keep heading up the European investment banking arm.
“Tech and comms is one of the fastest growing franchises in global banking, capital markets and advisory and represents one of the greatest opportunities to close our competitive gap,” Falco and Dickson wrote in the memo, as per Bloomberg.
Herb Yeh and Mark Keene are set to help out Drury as global heads of technology. In addition, Wilhelm Schulz, Dan Richards and Gordon Kroft are to serve as global heads of communications, Bloomberg reported, citing the memo.
Moreover, Erik Arveschoug will head up the technology and communications corporate banking team worldwide.
Citigroup’s competitors have usually brought together the telecom, media and tech divisions within their investment banks.
The news comes as Citigroup posted better-than-anticipated profits of $7.9 billion, or $3.62 a share, for the first quarter of this year in contrast to last year’s $2.5 billion, or $1.05 per share.
“It’s been a better than expected start to the year, and we are optimistic about the macro environment. We are committed to serving our clients through the recovery and positioning the bank for a period of sustained growth,” Citi CEO Jane Fraser said in the company’s earnings announcement.
Citi also disclosed in its earnings report that it is closing most consumer banking operations in 13 markets throughout Asia, Europe and the Middle East.
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