Breaking News
Get 40% Off 0
🔎 See NVDA full ProTips for an instant risks or rewards Claim 40% OFF

Citigroup's municipal-bond team joins Jefferies amid restructuring - Bloomberg

Published Nov 28, 2023 04:52
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
JEF
-0.23%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
C
-0.36%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

According to a Bloomberg report, a team specializing in state and local debt has transitioned from Citigroup to Jefferies, marking a significant shift in the landscape of municipal bond underwriting. The move includes managing directors Brian Carlstead, Ben Klemz, and Katherine Meyers, who are now part of Jefferies' expanding operations in this niche sector.

The departure comes amid Citigroup CEO Jane Fraser's discussions about potentially shutting down the bank's municipal-bond department. This strategic consideration follows reports that Citigroup's ranking in state and local debt underwriting has dropped from second to seventh place since last year, as per Bloomberg.

Jefferies, on the other hand, has been climbing the ranks, now holding the fifth spot for long-term municipal bond underwriting. This achievement is underscored by a significant increase in market share. The firm's rise is part of a broader trend that has seen an ongoing exodus of municipal dealmakers from Citigroup since 2022.

The implications of these changes are yet to be fully realized, but the migration of experienced personnel such as Carlstead, Klemz, and Meyers to Jefferies could further strengthen the firm's position in the competitive landscape of municipal finance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Citigroup's municipal-bond team joins Jefferies amid restructuring - Bloomberg
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email