Citi’s Top ECM Bankers in North America Leave for Buyside Roles

(Bloomberg) — The co-heads of Citigroup Inc.’s equity capital markets business in North America are leaving for roles at separate investment firms, months after the US bank shook up its some of its senior executive ranks.

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Paul Abrahimzadeh and Russell Chong, both longtime employees of the New York-based bank, had led the division together since 2019. Abrahimzadeh has left to join Omeed Malik’s 1789 Capital, according to people with knowledge of the matter. He will be a partner at the investment firm, and is poised to help with the firm’s fundraising and originate growth equity investments, said the people, who asked not to be identified discussing a move that isn’t yet public.

Chong is departing to join Patient Square Capital as a partner, other people familiar with the matter said. He is poised to start there in May, one of the people said.

Representatives for Citigroup, 1789 Capital and Patient Square declined to comment on the departures, as did Abrahimzadeh and Chong.

Citigroup last autumn set up a new team to oversee its commercial and investment banking work under Vis Raghavan, who joined in 2024 from JPMorgan Chase & Co. Raghavan changed the jobs of some top Citigroup investment bankers, and hired JPMorgan’s former global head of equity capital markets for a new senior role.

Citigroup’s investment banking unit has been playing catch-up to major peers in recent years, and is trying to improve its performance. Along with other Wall Street banks, it has benefited recently from a pickup in US initial public offerings and other equity capital markets activity.

Abrahimzadeh, who is 46, had been at Citigroup since 2001. He is expected to relocate to Palm Beach, Florida, from New York, though no final decisions have been made, the people said. He may also work for other companies led by Malik, including merchant bank Farvahar Partners.

1789 Capital, co-founded by Malik and Chris Buskirk, late last year added Donald Trump Jr. to its team. The investment firm has backed companies including Enhanced Games, a planned sporting event where athletes aren’t subject to drug testing, as well as prescription-drug provider BlinkRx, publishing platform Substack Inc., rocket-motor maker Firehawk Aerospace and Tucker Carlson’s media company.