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Citi Creates New Investment-Banking Unit in Sustainability Push

  • Bank debuts natural resources and clean energy transition unit
  • Firm has said it will achieve net-zero emissions by 2050
    
Photographer: Mark Kauzlarich/Bloomberg

Citigroup Inc. will combine three of its investment-banking groups as part of its push to help large corporate clients transition away from using carbon.

Steve Trauber and Sandip Sen will oversee the new natural resources and clean energy transition group, which includes the energy, power and chemicals franchises. The unit will work with other coverage areas, including industrials and technology, according to a memo to staff from Tyler Dickson and Manolo Falco, global heads of Citigroup’s banking, capital markets and advisory unit.