Key Facts
- Hire
- Rohan Sen joins Citi from Bank of America
- Role
- Lead coverage of technology services sector
- Location
- New York, reporting to Pankaj Goel and Mark Keene
- Previous experience
- 11 years at Bank of America as managing director
- Recent hires
- Five managing directors hired in July from rivals
- Earlier hire
- Anand Govind, former CFO of o9 Solutions, as MD
Background
Citi has hired Rohan Sen from Bank of America to lead coverage of the technology services sector, according to an internal memo seen by Reuters. The appointment is part of Citi's broader strategy to expand its technology investment banking franchise.
Sen joins Citi after 11 years at Bank of America, where he served as a managing director in the firm's technology investment banking group in New York. He will be based in New York and report directly to global co-heads of technology investment banking Pankaj Goel and Mark Keene.
In the memo, Goel and Keene described technology services as a 'highly strategic' focus area globally and called Sen's appointment an important milestone in Citi's efforts to expand its technology banking franchise.
Current Situation
A Citi spokesperson confirmed the contents of the memo, while a spokesperson for Bank of America declined to comment. The hire is the latest in a series of moves by Citi to strengthen its technology investment banking business.
In July, Citi hired five managing directors for its U.S. technology investment banking business from rivals Bank of America, JPMorgan Chase and UBS, including Chris Grosse, Florian Plath, Dhruv Fotadar, Anand Agarwal and Josh Sheets. Earlier this year, Citi also hired Anand Govind, former chief financial officer of software company o9 Solutions, as a managing director in technology investment banking.
The expansion follows the hiring of veteran JPMorgan banker Pankaj Goel as co-head of technology investment banking alongside Keene in 2025, part of a broader effort to build out Citi's investment banking franchise and compete for a larger share of advisory work across the technology sector.
| Name | Previous Firm | Role |
|---|---|---|
| Rohan Sen | Bank of America | Managing Director |
| Chris Grosse | Bank of America | Managing Director |
| Florian Plath | Bank of America | Managing Director |
| Dhruv Fotadar | JPMorgan Chase | Managing Director |
| Anand Agarwal | UBS | Managing Director |
| Josh Sheets | UBS | Managing Director |
| Anand Govind | o9 Solutions | Managing Director |
Impacts
Sen's appointment is expected to strengthen Citi's coverage of the technology services sector, a segment the bank considers highly strategic globally. His experience at Bank of America, where he spent 11 years as a managing director, may help Citi attract more advisory mandates in this area.
The move could intensify competition among major banks for technology investment banking talent and business. Citi's recent hires from rivals, including Bank of America, JPMorgan Chase and UBS, signal an aggressive push to gain market share in technology advisory work.
Clients in the technology services sector may benefit from increased attention and resources as Citi expands its team. However, the full impact on Citi's market position remains to be seen, as the bank continues to build out its franchise.
Future Outlook
Scenario analysis: The possibilities below are not certain predictions.
If Citi continues to hire senior bankers and expand its technology coverage, it could become a more formidable competitor in technology investment banking. The bank's focus on technology services suggests it sees significant growth potential in this sector.
However, the success of these hires will depend on Citi's ability to integrate new bankers and win advisory mandates. If the bank fails to convert its expanded team into revenue, the strategy may not yield the desired results.
In the near term, further hires are possible as Citi seeks to fill gaps in its technology banking ranks. The competitive landscape may also shift if other banks respond with their own hiring sprees, potentially leading to a talent war in the sector.
Source: zawya.com
