Top Citigroup industrials banker to join Jefferies

Top Citigroup industrials banker to join Jefferies

Investment bank and capital markets firm Jefferies has hired industrial banker Francis Tucci from Citigroup for a senior role, according to sources familiar with the move.

Tucci will join Jefferies as chairman, industrials, and will report to Peter Bowden, global head of industrial, energy and infrastructure investment banking. The position is a new one. Tucci, who will be based in New York, will start early next year, the sources said.

Jefferies declined to comment. Citi did not respond to a request for comment and Tucci could not immediately be reached.

Tucci, who was a managing director at Citi, had worked at the bank for roughly a dozen years. He resigned this week, the sources said.

Last month Citi CEO Jane Fraser announced sweeping management changes and planned job cuts designed to simplify the bank's structure.

Also in September, Wells Fargo (WFC.N) hired former Citi executive Clayton Hale as co-head of equity capital markets.