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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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
Apparently this next “MJ” guy is nothing like the real MJ (Michael Jordan) and has no killer instinct. Can anybody confirm this?
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