Citigroup has poached six financial-institution group bankers from Lehman Brothers. The group's leader, Henry Michaels, will become co-head - with Citigroup banker Craig Stine - of the bank's diversified financial-services group.
Michaels, who spent 20 years at Lehman and Merrill Lynch, worked on a number of recent deals, including Hudson City Bancorp's $4 billion recapitalization and Charter One Financial's $10 billion sale to Royal Bank of Scotland Group. Dow Jones reports that moving with Michaels are Managing Director John Roddy, Director Jerry Wiant, Vice President Sean Burke, and Associates John Minor and Donald Lacey.
Michaels and Stine will report to Hamid Biglari, global head of Citigroup's financial institutions business.