Citi's Texas Strategy Hinges on Rainmaker Who Made Bank No. 1 Underwriter
- Bank to lean on Mario Carrasco, lead muni banker for southwest
- Top Texas muni underwriter from 2018-2020, Citi is now eighth
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A key Citigroup Inc. rainmaker in Texas is faced with reviving the bank’s public-finance business there after GOP officials sought to punish the firm for its gun policies, triggering an unprecedented pullback from underwriting in a fast-growing state.
Mario Carrasco, head of public finance for Citigroup in the Southwest, helped make the bank the biggest municipal underwriter in Texas the past three years. Now, with the company saying it’s ready to resume the operations after a two-month halt, he’s tasked with recapturing market share in one of the hottest corners of the nation’s $4 trillion muni-bond market.