Updated info on Citi Tech? (SF and NY)
Let me know if you all have heard anything. Interested in updated views post-COVID / culture, etc. Much appreciated.
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Citi SF is expanding. Believe some important NY heads are relocating to SF.
More importantly they’ve made a wave of strong hires: JPM head of software, BofA’s entire private placements team, some tech sponsors MD from CS, and an MD from Goldman last year who is “head of VC coverage”.
Not the best BB tech group at the moment but seem to be making an aggressive push to build out the tech franchise. They have a good angle for fintech given the balance sheet, consumer banking, and they have a VC arm that makes fintech investments.
Bumble was a huge win for them in internet IPOs (second from left I believe).
still an uphill battle in tech since it’s so concentrated among top players but think there is a chunk of market share up for grabs since CS Tech (historically strong, even just 12 months ago before exodus) is crippled and BofA lost some important dudes (I think?)
after losing herb yeh and some of the vp/directors under herb, do you think the new rebuilding has helped win more deal flow for citi?
Bump
Can confirm that Citi SF Tech is progressing rapidly and have emerged as a key player in large-cap tech M&A, though haven't heard a lot of good things about their culture/hours and it seems like a very brutal experience for analysts since the group runs quite lean at the junior level.
Nonetheless, they've worked on a number of sizable M&A deals so far this year, such as being the exclusive sell-side advisor to Mimecast's $5.8bn sale to Permira, exclusive buy-side advisor to SK Hynix's $9.0bn acquisition of Intel's NAND/SSD business, buy-side advisor to Vista Equity Partners & Evergreen Coast Capital's $16.5bn acquisition of Citrix, and buy-side advisor to Broadcom's $69.7bn acquisition of VMware, just to name a few. They've also recently won a few major ($10bn+) M&A mandates, so deal-flow is ramping up quickly. Makes for a great technical experience at the analyst level given the size/complexity of the deals and the fact that they do M&A in-house, if that's what you're looking for.
My firm has worked across Citi SF Tech on a few deals and it's clear that they've got some really sharp analysts, but everyone seem to be overworked as deal teams are often understaffed across the juniors. Exits-wise, they have done great recently especially this past cycle, with analysts going to top MF/UMM PE firms such as Silver Lake, Thoma Bravo, Carlyle, Permira, Elliot Management (Evergreen), Hg Capital, GI Partners, Charlesbank, H.I.G., Marlin Equity, and Vector Capital. If you're interested in growth equity, they've also placed analysts into some of the best GE shops, including TA Associates, Summit, JMI Equity, Softbank, and Spectrum Equity. If you don't mind the bad culture/hours and just want to spend 2 years in IB and exit to the buy-side, this could be a great role. Probably not the best place if you want to stay in IB for the long-term and want a better lifestyle/WLB.
Have a friend who's working at Citi SF Tech and I agree with all of the above. Their group has hired a number of rainmakers from JPM/GS/CS/BofA so there's lots of M&A deal flow without a lot of analysts, which led to understaffed deal teams and exhausted juniors. This will likely be an issue as I expect them to continue working on more and more major tech deals in the near future.
However, their recent exits have been great, especially during this past cycle. I know someone in my friend's analyst class who just exited to Silver Lake, and a few others who'll be heading to Thoma Bravo / KKR PE. Also know a few people from other BBs who are trying to lateral over to Citi Tech. Overall, the group has strong deal flow and exits but maybe not the most pleasant culture.
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