Citigroup is poaching a number of senior dealmakers from Deutsche Bank as it looks to supercharge its investment banking business

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• Citigroup said on Friday it had hired three senior dealmakers from Deutsche Bank as it seeks to compete with firms like Goldman and JPMorgan. 
• Bankers and traders at Deutsche Bank are facing confusion over the bank’s commitment to certain businesses. 
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Citigroup said on Friday it had poached a number of senior dealmakers from Deutsche Bank as it seeks to bolster its investment banking business. 

Mark Hantho, previously Deutsche Bank’s chairman of global investment banking and capital markets coverage, joins Citi as a vice chairman of the banking, capital markets and advisory division. Hantho was with Deutsche for 12 years.

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John Eydenberg, previously Deutsche’s chairman of the Americas, joins Citi as a vice chairman of the banking, capital markets and advisory division. In his 18 year tenure at Deutsche, he developed close relationships with firms such as SoftBank, whose Vision Fund is the world’s largest tech investor.

Mark Keene, previously Deutsche’s global co-head of technology, media and telecom, joins Citi as global co-head of technology, sharing co-head responsibilities with Herb Yeh, head of technology at Citi since 2017. Keene was with Deutsche for 13 years. 

These hires are joined by a number of senior-level bankers from other firms. They include Elizabeth Milonopoulos from Goldman Sachs and Brian Yick from Barclays who will both be global co-heads of internet investment banking. Doretta Mistras and Michael Marcus are also joining from Goldman within healthcare and financial sponsors investment banking, respectively. 

Citigroup ranked fourth in the global investment banking league tables in the first quarter of 2019, according to Dealogic. That’s up from fifth during the same period a year prior, but behind firms like Goldman, Morgan Stanley and JPMorgan. 

Citi generated investment banking revenues of $1.4 billion in the first quarter, up 20% from the same period a year earlier. 

Meanwhile, it’s been a rocky couple of months for Deutsche Bank, as bankers and traders face confusion about the banks’ commitment to certain businesses. 

Read more: 2018 has been one of the wildest years in M&A since the financial crisis — here are the 40 biggest investment-banker moves

Deutsche is planning to overhaul its trading operations, including the creation of a "bad bank" to hold tens of billions of euros of assets, and shrinking or shutting its US equity and trading businesses, the Financial Times reported last week.

Deutsche’s share price also continues to stay at near all-time lows as an ambitious merger with Commerzbank collapsed.

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See Also:

• JPMorgan’s Highbridge Capital is unwinding a $2 billion fund and now turning to investor demand for credit
• Investors — terrified by the global trade war — have more cash sitting on the sidelines than in the 2011 debt crisis, and Bank of America says it’s ‘a contrarian buy signal’
• The UK fintech that aims to insure the gig economy just won more funding. Here’s why one VC said he’s ‘doubled down again’ on backing the startup.

Source: Business Insider – feedback@businessinsider.com (Alex Nicoll)