What's going on in Citi Houston??
Trauber retired and apparently a bunch of senior banks are leaving shop. Does any one know the tea??
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Which other seniors are leaving?
3 bankers (for now - I am sure some more will follow) are heading for Guggenheim, and Steve announced this week he is retiring. Huge blow for Citi because he was one of the biggest rain makers.
His niece do be bagging nepotism internships at stifel as a freshman tho
Also bagged a sophomore year internship at BofA NY lmao - he called it the next gen of Trauber investment bankers.
I read bagging as banging at first, then re read and was disappointed
Who are the 3? Never heard of laghari
assume MJ will be new head of houston office - been telegraphed forever
Yes MJ is basically replacing Trauber - To Laghari's credit, he was promoted extremely quickly to the top - and become the head of upstream IB. I was originally thinking he decided to move out because there was basically no more room for him to grow further up. Although, made me wonder if Trauber was retiring why not let Laghari take MJ's place. I assume it was more about the money than anything else. Gugg probably lining up his pockets.
Any current interns or friends of current interns at Citi have any insight on what the summer class is thinking?
Apparently this next “MJ” guy is nothing like the real MJ (Michael Jordan) and has no killer instinct. Can anybody confirm this?
.
RIP for the summers, tough scene
Idk man this must be making this week so entertaining you don’t get to watch this up close quite often if ever.
In the current ESG climate it’s extremely challenging to be successful in oil and gas at a global BB, period.
Would have been fr sus if Trauber left and other bankers did not bail to other banks - one could interpret that as either a legitimate retirement or more likely a gracious exit after some bad behavior.
Instead what we got was far more interesting and surprising. A group that has dominated high profile energy M&A has seen its face and hands leave in a single swoop. What I think this points to, as I think some others have surmised, is the boiling point of a bank that is getting pressure to exit upstream lending. On top of that ya there is probably tons of internal conflict over the ST comp guarantees. Why would a bank nuke its own fee machine that enjoys tremendous market share and seemingly wasn’t going anywhere?
I will caveat a good counter argument to this would be that Guggenheim does not have a balance sheet to solicit advisory business to the MDs leaving may not have been looking for new homes for that reason but I have to think that if your upper mgmt is saying curb the lending and that’s a big tool in the kit, that feeling of hostility has got to prompt a job search.
but idk tho
I was thinking about that too - How gugg doesn't have a balance sheet. However, I think the MDs were facing shit bonuses + more and more regulations on how you can lend, the latter of which would have turned away clients that were looking for the balance sheet cuz Jane wouldn't want it. Hence, they probably thought hey if we are turning away clients due to being unable to lend with our balance sheet, might as well hop to a bank that will at least pay us much better. So at least that way they get one of the two instead of neither of the two.
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