James Molloy, head of municipal banking at Citigroup Global Markets for the past five years, will soon be leaving to pursue a long-time career objective of working in the non-profit sector.
Dan Tomson and Paul Creedon, co-heads of public finance at Citi, will take over Molloy’s responsibilities and will serve as co-heads of municipal banking. Molloy will stay on at the banking giant for the next several weeks to help formally transition responsibilities, according to a note to employees.
“While we will miss Jim and the leadership he provided over the past five years, we are excited for the opportunity to continue working with him as a Citi client,” Citi said. “Please join us in wishing Jim success in his new role and congratulating Dan and Paul on their expanded responsibilities.”
Molloy has some experience working with the non-profit sector, having previously served as managing director and head of not-for-profit healthcare at Barclays Capital from 2008 to 2013. He also served as principal of Hammond Hanlon and Camp from 2013 to 2014 and moved to Citigroup in 2014.
His successors are both longtime Citigroup employees, with Creedon starting with the group in 1991 and Tomson in 1999. Their new roles are permanent.
Citigroup downsized its municipal team.
In the first quarter of 2023 rankings of senior underwriters, Citi dropped to ninth place from fifth year-over-year, with par amounts of $3.256 billion and a 4.4% market share, down from $6,864 billion and a 7.1% share in 2022.
Mark Costiglio, managing director and head of ICG Communications, declined to comment on where Malloy is going in the non-profit sector. Molloy did not respond to requests for comment by publication.