Nov 7 (Reuters) - A trio of Bank of America Corp investment bankers who focus on advising consumer companies are departing for rival Citigroup Inc, people familiar with the matter said on Tuesday.
The bankers include managing directors David Finkelstein, Carl Stickel and Jeremy Murphy, the two sources said, asking not to be named because the moves are not yet public.
Stickel will co-head Citi’s consumer products group, alongside existing co-head Elinor Hoover, one of the people said, and Murphy joins as a member of that team.
Finkelstein will join the bank’s M&A team with a focus on consumer and retail clients.
Representatives for Bank of America and Citigroup declined to comment. Stickel, Finkelstein and Murphy did not respond to requests for comment.
The hires come as Citi CEO Mike Corbat has said he is focusing on growing the bank, including picking up market share in investment banking, after years of scaling back businesses following the financial crisis. Citigroup ranked No.3 among big banks for advising on mergers and acquisitions in the first nine months of the year, up from No.7 a year earlier, according to Thomson Reuters data.
Deals in the consumer sector continue to surge this year, with the number of transactions outpacing 2016 by 20 percent. Large food and beverage companies like Nestle SA, Unilever Plc and Conagra Brands Inc are snapping up smaller brands to combat growth challenges, while brick-and-mortar retailers are grappling with how to grow their online presence following Amazon.com Inc’s acquisition of Whole Foods. (Reporting by Olivia Oran in New York; Editing by Lisa Shumaker)