Citi snaps up three tech bankers from rivals to boost software coverage

By Krystal Hu

(Reuters) – Citigroup has poached three veteran tech bankers from Credit Suisse Group AG and Barclays, as it doubles down on expanding the software franchise, according to memos seen by Reuters on Tuesday.

Dan McDow, who led global software investment banking at Credit Suisse, left the Swiss lender after 16 years. Based in New York, he will co-run the global software investment banking unit at Citi with Niall Cannon and Brian Marshall.

McDow will specialize in the applications segment, while Niall and Brian continue to focus on cybersecurity and infrastructure, according to the memo, the content of which has been confirmed by a spokesperson at Citi.“Within Technology, Software represents the largest global universe wallet segment and is experiencing tremendous growth through convergence with all sectors…We intend to continue to invest in dedicated vertical software domain expertise,” Mark Keene, global head of technology investment banking at Citi wrote in the note.

Andrew Delia, former managing director focusing on software at Credit Suisse, and Steve Anderson, who has spent 12 years covering software clients at Barclays, are both joining Citi as managing directors. Delia is based in New York, while Anderson is based in San Francisco.

McDow and Delia’s departures marked the latest talent losses Credit Suisse has suffered as the bank struggles to turn the page on costly scandals that brought a reshuffle of top management and a restructuring seeking to curtail risk-taking. Last week, Credit Suisse warned of a likely second-quarter loss as volatility hit its investment bank and more cost-cutting measures forward. Citi ranked seventh in the league table for global tech M&A this year, with a market share of 19.2%, according to data from Refinitiv.

(Reporting by Krystal Hu in New York; Editing by Lisa Shumaker)