Citigroup hires from Morgan Stanley for oil and gas role

Citigroup is adding a managing director to its European oil and gas team, despite the regional fee pool in the sector being down 20% on a year earlier.

Shreyas Bordia, previously an executive director at Morgan Stanley, is in the process of joining Citi, according to people familiar with the matter. The oil and gas team at Citi is run by Stephen Trauber, head of global energy investment banking at the bank in Houston. Citi and Morgan Stanley declined to comment.

Bordia’s move comes as the oil and gas mergers and acquisitions market, long known for its mega deals, is surviving on pockets of activity.

European investment banking revenues in the sector are $654 million in the year to date, down on $807 million in the same period last year, according to Dealogic. Morgan Stanley is currently ranked seventh in the European oil and gas table by revenue for the period, with Citi eighth.

Bordia has been at Morgan Stanley since 2008. He joined the US firm from boutique investment bank Perella Weinberg, according to the UK’s Financial Services Register.


The senior ranks of the City’s oil and gas teams have been undergoing a shift this year.

Deutsche Bank’s head of energy for Europe Michael Hafner joined UBS to become the Swiss bank’s oil and gas head, while Tim Chapman, head of international oil and gas investment banking at RBC Capital Markets, left the Canadian bank this month.