Goldman Sachs Group Inc. is hiring a top Citigroup Inc. investment banker with ties to the oil-pipeline industry as it looks to fill gaps in its network.
Michael Casey, an 18-year veteran of Citigroup, will join Goldman's Houston office later this year as a managing director, according to people familiar with the matter. A Citigroup spokesman didn't immediately comment.
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Goldman's investment-banking division aims to add $500 million in revenue by 2020, about 7% of its current annual haul, according to a firm presentation last week. That is a tough goal in investment banking, a mature business where any growth will likely come from stealing market share from rivals.
Goldman has recently put senior bankers in cities such as Dallas and Atlanta to deepen ties to local firms, and is expanding its coverage of middle-market private-equity firms, which are constantly buying and selling businesses.
Another key goal is filling out industry groups where it is weaker.
Goldman is strong at the two ends of the energy supply chain, with ties to companies such as Chevron Corp. that drill for oil and gas, and those that refine it into gasoline and other products.
It does less well in the so-called midstream space, where oil and gas is shipped and stored. Pipelines cost billions of dollars to build, which gives big lending banks an edge.
Citigroup has been No. 1 in midstream mergers and acquisitions three of the past four years, according to Dealogic.
Mr. Casey's clients include Williams Co., which he advised on its 2014 takeover of Access Midstream Partners.
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(END) Dow Jones Newswires
September 18, 2017 14:09 ET (18:09 GMT)