By Pamela Barbaglia
LONDON (Reuters) - Citigroup (NYSE:C) has tasked one of its most senior London-based bankers with leading its new technology and communications franchise as the sector benefits from a wave of deals triggered by digital disruption.
British-born Philip Drury, who has been leading Citi's banking, capital markets and advisory business across Europe, the Middle East and Africa since 2018, will quit London to take on a new global role as Tech & Comms' head out of San Francisco.
Digital transformation has proved to be a key driver of dealmaking since the second half of 2020, with companies around the world using technology and data analytics to cope with the fallout of the coronavirus pandemic.
"Tech & 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," said the memo, which was signed by the co-heads of Citi's banking, capital markets and advisory business globally, Tyler Dickson and Manuel Falco.
Drury joined Citi in 2000 as an equity capital markets banker based in New York and quickly rose through the ranks to lead the ECM coverage in the Americas in 2011.
The Tech & Comms team, which includes three global heads of communications, Gordon Kroft, Dan Richards and Wilhelm Schulz, will support Citi's financial institutions group to make a joint push on fintech advisory.
Drury will remain in charge of the banking, capital markets and advisory (BCMA) business until a successor is found.
Citi also announced that BCMA's vice chairman Mark Hantho will become chairman of the Tech & Comms unit.