(Bloomberg) — Citigroup Inc. hired three bankers from Credit Suisse Group AG and Barclays Plc as the firm builds out its investment-banking division focused on technology.
Credit Suisse’s Dan McDow joined as Citigroup’s global head of software, according to a memo to staff.
He will be based in New York and report to Mark Keene, who leads technology investment banking globally at Citigroup.
“Within technology, software represents the largest global universe wallet segment and is experiencing tremendous growth through convergence with all sectors,” Keene said in the memo.
“We intend to continue to invest in dedicated vertical software domain expertise.”
Citigroup has been seeking to advise more technology companies on their mergers and acquisitions as well as other capital-markets needs, and recently has been advising Broadcom Inc.
on its $61 billion acquisition of the cloud-computing company VMware Inc. The New York-based firm last year reorganized the division and tapped Philip Drury to lead a new investment-banking group focused on advising companies in technology, media, entertainment, data and telecommunications.
The lender finished last year as the seventh-largest adviser to technology companies, according to data compiled by Bloomberg.
That’s up from 12th five years earlier.
Citigroup also added Steve Anderson and Andrew Delia as managing directors in the software division, according to separate memos to staff. Anderson, who previously spent 12 years at Barclays, will be based in San Francisco, while Delia, who spent a decade at Credit Suisse, will be based in New York.
McDow will work alongside Niall Cannon and Brian Marshall, according to the memo.
Cannon and Marshall will continue to focus on cybersecurity and infrastructure, respectively, Keene said.
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