Maybe it’s not personal. Maybe Anthony Diamandakis, Citi’s former finest financial sponsors banker, got an offer he couldn’t refuse from JPMorgan and decided to work there instead. But if he wants to become the nemesis of a former employer that irked him, 50 year-old Diamandakis – who Financial News reported yesterday is joining JPMorgan – will be in a good position to do so.
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As Citi seeks to grow its investment banking business under Vis Raghavan, the kinds of financial sponsors (private equity) clients Diamandakis specializes in, are a key focus. Sponsors account for a third of the global fee pool, observed Raghavan last month. But while Citi ranks around the top five for all investment banking fees, it’s only ninth or 10th when it comes to financial sponsors and leveraged finance.
Raghavan wants to remedy that. He will now be competing against Diamandakis as he attempts this. Ironically, Diamandakis is now at Raghavan’s own former employer – JPMorgan – where he will be well-placed to thwart these efforts. Dealogic says JPMorgan ranks first globally for leveraged loans and around second globally for financial sponsors this year. Diamandakis has gone to the better bank.
Links: https://www.efinancialcareers.com/news/anthony-diamandakis