New Talent Joins Citigroup, UBS Group AG Loses Co-head: Shifting Dynamics in the Financial Sector

UBS Group AG has announced the departure of Gregor Feige, co-head of technology and communications equity capital markets at Citigroup Inc., to join their own ranks. Sources close to the matter reveal that Josh Li, his co-head, will now assume the role of sole head of TMT ECM. Feige had previously served as co-head of Asia ex-Japan ECM at JPMorgan Chase & Co. before joining Citigroup in 2022. Representatives from both Citigroup and UBS have declined to comment on this development.

Meanwhile, Citigroup has brought on Viswas Raghavan from JPMorgan to lead its new banking division as dealmaking activity begins to pick up steam. At an investor conference earlier this month, CEO Jane Fraser noted a noticeable improvement in sentiment and several new deals being announced. However, it is typical for these announcements to take some time before they translate into revenue for the company.

The industry is seeing positive signs of recovery and growth as more deals are being finalized. 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.

Overall, this development marks a significant shift in the world of finance, with both new talent joining companies like Citigroup and existing executives leaving for new opportunities at other firms like UBS Group AG.