Finance

Citigroup hires JPMorgan dealmaker Truesdale for technology banking push

Citigroup has hired a senior JPMorgan dealmaker as the latest high-profile recruit for its team of technology bankers headed by former European investment banking boss Philip Drury.

Brian Truesdale, global head of software investment banking at JPMorgan, has joined Citigroup as chairman of global technology banking, capital markets and advisory, according to an internal memo seen by Financial News.

READ Citigroup targets Wall Street rivals for top spots in investment banking expansion

He has spent the past six years at JPMorgan, having previously worked at Deutsche Bank for 12 years, where he was global head of software investment banking and previously co-head of its technology investment banking team in the Americas.

“Brian will work closely with Mark Keene and Herb Yeh, our co-heads of global technology BCMA, in setting our strategic client agenda,” the memo from Drury said.

In August, Citigroup also hired Credit Suisse dealmaker Dhiren Shah as chairman of global technology mergers and acquisitions.

Drury was previously head of BCMA for Europe, the Middle East and Africa at Citigroup, but relocated from London to San Francisco earlier this year to head up a new technology and communications investment banking team.

It is one of a series of so-called ‘supergroups’ at Citigroup, which will pool large teams of bankers to focus on major macro trends shaping dealmaking. The bank has lagged its Wall Street rivals in previous years, but is aiming to claw back market share and become a top-three player in the league tables, its global heads of BCMA, Tyler Dickson and Manolo Falco, told FN previously.

READ Citigroup hires Credit Suisse dealmaker Shah to drive technology M&A

Drury’s team comprises around 400 dealmakers, and he told FN at the time of his appointment in April that he had “big ambition” to expand the unit.

Bloomberg earlier reported Truesdale’s hire.

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

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