Gregor Feige, Citigroup Inc.’s North America co-head of technology and communications equity capital markets, has recently left the bank to join UBS Group AG. This move was confirmed by sources familiar with the situation. One of the sources mentioned that his co-head, Josh Li, will now be the sole head of TMT ECM, replacing Feige. Prior to joining Citigroup in 2022, Feige worked at JPMorgan Chase & Co. as the co-head of Asia ex-Japan ECM. Both Citigroup and UBS have declined to comment on this development.
Last month, Citigroup appointed JPMorgan’s Viswas Raghavan to lead its newly formed banking division. This decision came as dealmaking activity started to pick up. Citigroup’s CEO, Jane Fraser, expressed optimism about the improving sentiment in the market, noting that although there have been some good deals announced recently, there is a delay before those translate into revenue. The hiring of Raghavan and Feige’s departure are part of Citigroup’s strategic moves to capitalize on the rebound in dealmaking activity.
With assistance from Crystal Tse, this development highlights the ongoing changes and movements within the financial industry as companies continue to adapt to market conditions. The addition of Feige to UBS and the internal restructuring at Citigroup reflect the competitive nature of the industry and the importance of having the right talent to drive growth and performance.