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Based on the most helpful WSO content, Citi's energy group has been facing significant challenges recently. The group has seen notable departures, including key figures like Trauber and Laghari, and has been under pressure due to internal conflicts and a pullback from upstream lending. While Citi was once considered elite in Houston's energy IB scene, these issues have led to a decline in its standing.
Missing out on a major deal like the Devon and Coterra merger (~$22Bn) to competitors like Evercore, JPM, and GS could further exacerbate the situation. Given the context of layoffs and internal struggles, it's plausible that there could be repercussions within the Citi energy group, especially as the bank works through its existing backlog and navigates these challenges.
Sources: Houston Energy IB Rankings?, What's going on in Citi Houston??, https://www.wallstreetoasis.com/forum/investment-banking/best-energy-investment-banking-groups?customgpt=1, Houston Banks: MS vs. Citi vs. Jefferies, JEF Houston vs. Citi Houston
i think citi energy big boy team left the bank a while back
they went to some boutique, maybe evercore
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