Citigroup Hires David Friedland as Co-Head of North America Investment Banking

NEW YORK, NY — Citigroup has officially appointed David Friedland as co-head of North America investment banking coverage, following an announcement by investment banking head Vis Raghavan in an internal memo on Thursday. Friedland will transition to Citigroup after nearly 28 years at Goldman Sachs, where he achieved the title of partner and served as the head of the cross markets group.

Friedland will work alongside Jens Welter, who remains co-head of North America investment banking. During his extensive career at Goldman Sachs, Friedland specialized primarily in mergers and acquisitions (M&A), leading the global M&A efforts for the cross markets group and advising clients in sectors such as real estate and consumer retail.

Raghavan joined Citigroup from JPMorgan just over a year ago. Since taking the helm, he has aggressively pursued talent acquisition to enhance the bank’s investment banking division, showcasing a series of notable hires, including Jeff Stute, who joined as vice chair focused on healthcare mergers in North America.

Citigroup’s recruitment strategy signals a commitment to strengthen its capabilities in the competitive investment banking landscape. In recent months, the bank’s efforts have resulted in a year-on-year increase in investment banking fees, rising by 13% to exceed $1 billion in the second quarter of 2025.

As Friedland steps into his new role, Citi aims to capitalize on rising demand in sectors like mid-market and technology financing, critical areas that have gained momentum due to increased private equity investments and technological advancements. Nonetheless, market volatility remains a concern as competitors, including JPMorgan, ramp up their hiring in response to Citigroup’s aggressive moves.

In light of these developments, Citigroup is positioning itself for potential growth despite the challenges in the investment banking sector. The next steps for the bank will hinge on the effective onboarding of its new talents and achieving sustainable revenue enhancement moving forward.