Looking to shore up its global telecom, media and technology investment banking unit, Citigroup (NYSE:C) hired Paul Phillips away from Bank of America (NYSE:BAC) to become managing director of the division.
Phillips was the managing director for the Bank of America technology group, and led the technology investment banking of the company for five years, from 2003 to 2008.
Before working at Bank of America, Phillips worked at Goldman Sachs (NYSE:GS) for their technology team, giving him expertise in that particular sector.
The 20-year investment-banking veteran graduated with a masters degree from Harvard Business School will report to Mark Simonian and Ben Druskin, co-heads of the division.
Citigroup is in an ongoing battle with Terra Firma Capital Partners Ltd. over the fate of EMI, as it was ruled recently they must go ahead with the lawsuit. Terra Firma has accused Citigroup of tricking them into acquiring EMI, the reason behind the lawsuit.
