Citi taps Drury to lead newly launched Tech & Comms franchise - memo

LONDON, April 19 (Reuters) - Citigroup has tasked one of its most senior London-based bankers with leading a newly-launched technology and communications franchise as it seeks to boost its advisory business amid a wave of deals triggered by digital disruption.

British-born Philip Drury - who has been leading Citi’s banking, capital markets and advisory business across Europe, the Middle East and Africa since 2018 - will quit London to take on a new global role as Tech & Comms’ head out of San Francisco, where he will move as soon as a replacement for his previous job is found.

His appointment comes as digital transformation has proved to be a key driver of dealmaking since the second half of 2020, with companies around the world using technology and data analytics to cope with the challenges posed by the coronavirus pandemic.

“Tech & Comms is one of the fastest growing franchises in global banking, capital markets and advisory and represents one of the greatest opportunities to close our competitive gap,” said the memo which was signed by Tyler Dickson and Manuel Falco, co-heads of Citi’s banking, capital markets and advisory (BCMA) business.

Drury joined Citi in 2000 as an equity capital markets (ECM) banker based in New York and quickly rose through the ranks to lead ECM coverage in the Americas in 2011.

In his new role, he will work closely with Citi’s global technology heads - Mark Keene and Herb Yeh - as well as its three global heads of communications - Gordon Kroft, Dan Richards and Wilhelm Schulz - and its global head of tech & comms for corporate banking, Erik Arveschoug.

Citi also announced that BCMA’s vice chairman Mark Hantho will become chairman of the newly-launched tech & comms unit. (Reporting by Pamela Barbaglia. Editing by Mark Potter)