A senior Citigroup investment banker just switched across to PwC to lead its U.S. technology, media and telecommunications business.
Trip Wolfe, who has been working in investment banking for the past 20 years, just joined PwC's corporate finance division. He previously held senior roles across various institutions including Bank of America Merrill Lynch, Jefferies and Deutsche Bank.
He joined Citigroup in May 2011 to lead its venture capital business within the TMT group. Before that, he worked for technology-focused investment bank, Union Square Technologies, where he was a partner. From 2007-2009, he was head of global TMT and business services capital markets at Bank of America Merrill Lynch.
PwC, like most Big Four companies, has been making a push to bolster its corporate finance division in a bid to encroach on investment banks' territory. Its advisory revenues increased by 2.6% in 2016, to $11.5bn, according to its latest annual report. Last year, it hired Peter Whelan, a former Rothschild banker, as head of a new equity capital markets advisory service.
Big Four firms were actively hiring from large investment banks in 2015 in a bid to capitalise on record M&A revenues in 2015, but recruitment has tailed off so far this year. Paul Staples, who was a senior managing director in the European investment banking division of BNP Paribas, joined Deloitte as a partner in June last year. Meanwhile, James Agnew, the former chairman of corporate broking at Deutsche Bank, joined KPMG.
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