Citigroup hires top chemicals banker from Jefferies to drive dealmaking

(Reuters) -Citigroup Inc has hired Derek McNulty as head of North America chemicals investment banking in the company’s banking, capital markets and advisory unit, according to an internal memo seen by Reuters on Wednesday.

McNulty joins Citi from investment bank Jefferies Financial Group Inc where he served as the global co-head of chemicals coverage, the memo said.

The news comes at a time when global dealmaking has slowed down after a record 2021 amid geopolitical tension and risk-off sentiment in the markets.

However, the resources and energy markets have shown a measure of resilience, where deals have continued. Citi said it expects McNulty in his new role to expand the bank’s footprint in the chemicals sector.

Prior to his stint at Jefferies, McNulty was at Barclays as co-head of America chemicals investment banking.

(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)