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CryptoKnight

They're about to get really good with the top guys from Citi recently moving there

I doubt they are able to see any success out of that partnership.

Citi’s entire selling point was “Come to us for the balance sheet”. The upstream team left because of one, main reason in my opinion:

  • New Citi leadership was tightening the screws on upstream lending because of ESG, etc. (Jane is very focused on curtailing lending to businesses such as upstream companies)

Unfortunately the reason the move doesn’t make sense is because Guggenheim doesn’t have a balance the same way Citi did so the bankers will have to pitch something else to stay relevant. Esoteric structures come to mind given Gugg’s strengths but again that’s not what the ex-citi team specialized in.

Another reason I have doubt is Steve Trauber was the real upstream rainmaker at Citi. I don’t know how good Muhammad and team is but there’s a real possibility that the success they had at Citi had something to do with Trauber and he didn’t make the move to Gugg.

If anything this helps other top groups since they get to take away Citi’s businesses. Heard the upstream group at Citi has been in real shambles lately.

 

Agreed. I think they realized without Trauber they can’t survive at Citi so they left to Gugg. Problem is if all of the deals you did included the entire bank and not just your group, you are in trouble at a boutique. I’m especially skeptical of Muhammad. The guy gets promoted in his early 30s to head of upstream and gets 50+ deals done. How much of that was Trauber? Pretty much all of it.

 

CryptoKnight

They're about to get really good with the top guys from Citi recently moving there

I doubt they are able to see any success out of that partnership.

Citi's entire selling point was "Come to us for the balance sheet". The upstream team left because of one, main reason in my opinion:

  • New Citi leadership was tightening the screws on upstream lending because of ESG, etc. (Jane is very focused on curtailing lending to businesses such as upstream companies)

Unfortunately the reason the move doesn't make sense is because Guggenheim doesn't have a balance the same way Citi did so the bankers will have to pitch something else to stay relevant. Esoteric structures come to mind given Gugg's strengths but again that's not what the ex-citi team specialized in.

Another reason I have doubt is Steve Trauber was the real upstream rainmaker at Citi. I don't know how good Muhammad and team is but there's a real possibility that the success they had at Citi had something to do with Trauber and he didn't make the move to Gugg.

If anything this helps other top groups since they get to take away Citi's businesses. Heard the upstream group at Citi has been in real shambles lately.

Agree - ppl hired Citi bc of Trauber - all of the industries I can’t see the old school upstream guys hiring some mid 30’s guy for his “advice” / advisory services

 

Had high hopes because we really liked the team at Citi and expected a similar level of coverage once they moved to Guggenheim....but the coverage has been lacking and in what's been a pretty active 1Q'23 in the upstream A&D market, have not seen Guggenheim on any of the sell-side mandates....maybe they've been the runner-up on a few buy-sides, but hard to make a living that way...

 

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