Citigroup Inc. has formed a dedicated AI Infrastructure Banking team that draws personnel from both its investment banking and corporate banking units, according to an internal memo reviewed by Bloomberg News.
The group includes Ric Spencer, the bank's vice chair of technology, and Ashish Agrawal, who serves as co-head of real estate. Also participating are Alex Watkins, who runs technology financing, Doug Baird, head of technology corporate banking, and Ben Mortimer, who handles digital infrastructure M&A banking. A Citigroup spokeswoman confirmed the contents of the memo to Bloomberg.
Those named will retain their current titles while contributing to the new team. The memo, circulated to staff by leaders of Citigroup's investment banking, financing and corporate banking groups, said the purpose of the arrangement is to "break silos and evaluate all pockets of capital available" for AI infrastructure projects. The communication emphasized that AI infrastructure spans multiple domains - including technology, communications, energy, real estate, crypto and financing - and that a coordinated approach is required to marshal capital and advisory resources.
The bank described the initiative as a means to expand advisory and lending relationships with investors and companies that are driving the capital-intensive build-out needed to support AI systems. By organizing a cross-functional team, Citigroup aims to address the varied financing and deal-making needs that arise when projects touch on data centers, power capacity and related real estate.
Citigroup's move to create the AI Infrastructure Banking team reflects an effort within parts of Wall Street to position firms to capture work tied to increased spending on data centers and supporting infrastructure. The memo frames the team as a centralized way to evaluate financing sources and deal opportunities that do not fit neatly within a single product or business line.
Key points
- Citigroup has established an AI Infrastructure Banking team combining senior staff from investment banking and corporate banking.
- The roster includes Ric Spencer, Ashish Agrawal, Alex Watkins, Doug Baird and Ben Mortimer, who will keep their current roles while participating in the effort.
- The team aims to coordinate capital and advisory resources across sectors - notably technology, communications, energy, real estate and crypto - to pursue the capital-intensive AI build-out.
Risks and uncertainties
- The memo indicates the team will seek to "break silos," which implies integration challenges across distinct business units and product sets - a potential operational risk for banking, financing and corporate client coverage.
- Because the initiative targets projects that span multiple sectors - such as data centers and power infrastructure - the complexity of coordinating financing and advisory roles may slow deal execution or limit deal flow in communications, energy and real estate segments.