Citi Boosts Tech & Internet Investment Banking | BofA Hire

Citi Bolsters Tech Investment Banking with Key Hire of Ric Spencer

Citi is strategically expanding its technology investment banking division, appointing industry veteran Ric Spencer as vice chair. The move signals the firmS continued commitment to growth in a critical sector and builds upon a recent series of strategic hires.

Citi currently ranks as the fifth-largest global investment bank by revenue, generating US$3.59 billion year-to-date in 2025, maintaining its position from the previous year with a 4.8% market share, according to Dealogic rankings.

did you know? – Investment banking revenue is heavily influenced by M&A activity, IPOs, and debt/equity offerings. Strong economic conditions generally boost these areas.

Spencer to Drive Internet and Digital Media Coverage

Based in San Francisco, Spencer will report directly to Mark Keene, head of technology investment banking at Citi. He will collaborate closely with Liz Milonopoulos, co-head of global internet investment banking, to deepen the bank’s expertise in the rapidly evolving global internet landscape.

“This includes a continued close partnership with our media and communications group, as the convergence of digital media and technology remains a key driver of strategic activity and possibility for us to capture share,” Keene stated in a company release.

Pro tip: – Technology investment banking requires deep sector knowlege and strong relationships with company executives and venture capital firms.

A Veteran of Bank of America and Piper Jaffray

Spencer brings over three decades of experiance to citi, including nearly 17 years at Bank of America, where he moast recently served as global co-head of technology investment banking. Prior to his tenure at Bank of America, he led internet and digital media investment banking at Piper Jaffray. This extensive background positions him to immediatly contribute to Citi’s strategic objectives.

The appointment of Spencer is the latest in a series of strategic moves by Citi to strengthen its position in key markets. A related declaration highlighted leadership changes in the German and Austrian markets, with Landry taking the helm.

Citi’s ongoing investment in talent underscores its ambition to capitalize on the increasing opportunities within the technology sector and maintain its competitive edge in the global investment banking arena.

Reader question: – How will increased regulatory scrutiny of tech companies impact investment banking activity in this sector? Share your thoughts.