NEW YORK, June 27 (Reuters) - Deutsche Bank AG has hired a team of oil and gas bankers from Citigroup Inc, people familiar with the matter said on Friday.
The Citigroup team of between eight and ten bankers help clients with acquisitions and divestitures of leases and ownership of oil- and gas-rich properties.
Co-heads Tim Saxman and Cliff Adams will lead the team in a similar role at Deutsche Bank, said the sources, who were not authorized to speak on the record. Officials from Deutsche and Citigroup declined to comment.
The move follows Deutsche’s hiring last year of Andy Safran, who was chairman of the energy, power and chemical groups and vice chairman of global banking at Citigroup, as vice chairman in its investment banking coverage group. (Editing by Jeffrey Benkoe)