In recent news, Citigroup Inc.’s North America co-head of technology and communications equity capital markets, Gregor Feige, has left the bank to join UBS Group AG. Sources close to the situation confirm this development. Feige’s co-head, Josh Li, will now assume the role of sole head of TMT ECM. Citigroup and UBS have declined to comment on this matter.

Last month, Citigroup brought in Viswas Raghavan from JPMorgan to lead its new banking division as dealmaking activity begins to pick up steam. At an investor conference, CEO Jane Fraser noted that there has been a noticeable improvement in sentiment, with several new deals being announced. However, it is typical for there to be a delay before these announcements translate into revenue for the company.

Despite this delay, the industry is seeing positive signs of recovery and growth as more deals are being finalized. The addition of new talent like Raghavan and the departure of Feige suggest shifting dynamics within the banking and finance sector. As the economy continues to rebound, it will be interesting to see how these changes impact the market in the coming months.