The world of high-stakes investment banking just got a massive shake-up. If you follow the Wall Street "musical chairs," you probably saw the headlines last July. David Friedland Goldman Sachs veteran of nearly three decades, officially jumped ship to Citigroup. It wasn't just another hire. It was a signal.
Basically, when a guy spends 27 years at a place like Goldman—rising from a green analyst in 1998 to a powerhouse partner—you don't expect him to leave. But David Friedland did. He’s now the co-head of North American investment banking coverage at Citi, working alongside Jens Welter.
Why did he leave Goldman Sachs?
Wall Street is changing. For years, Goldman was the undisputed king of the "mega-deal." If a massive multinational needed an acquisition, they called 200 West Street. But Friedland saw a different opportunity. He spent the latter part of his career at Goldman building something called the Cross Markets Group (CMG).
This wasn't about the $50 billion mergers. It was about the "middle market"—companies valued between $500 million and $2 billion.
Honestly, it was a smart play. While the giants were fighting over scraps of the biggest deals, Friedland realized that mid-market companies were underserved. They wanted the prestige of a Goldman or a Citi, but they felt ignored by the senior partners. Friedland changed that. He built a team of over 200 people dedicated to these clients.
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At Citi, his mission is pretty much the same: accelerate their North American franchise. Vis Raghavan, Citi’s banking chief, basically hand-picked him to bring that "Goldman DNA" to their growth strategy.
The Career Path: From Analyst to Partner
Friedland didn’t just wake up as a partner. He put in the time. You’ve got to respect the longevity.
- 1998: Joins Goldman Sachs as an analyst.
- 2014: Named a Partner. This is the "holy grail" in banking.
- 2018: Takes over as Head of Strategic Investor M&A, succeeding Stephanie Cohen.
- 2019: Leads the launch of the Cross Markets Group.
- 2025: Moves to Citigroup as Co-Head of North American Investment Banking.
He spent years in the consumer and retail sectors. Think about deals like Las Vegas Sands selling its Vegas properties for over $6 billion. That was Friedland. He also worked on Brookfield Property’s takeover of GGP. He wasn't just a "manager"—he was a dealmaker.
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What people get wrong about David Friedland
There's another David Friedland out there in the financial world. You might see his name pop up in Asia. That David Friedland is a managing director at Interactive Brokers in Hong Kong. Totally different guy.
The Goldman/Citi David Friedland is a New York staple. He’s the one who co-chaired the global fairness committee. He's the one who convinced middle-market private equity firms that they deserved "bulge bracket" attention.
The Strategy: Why Citigroup Wanted Him
Citigroup has been through a lot of restructuring lately. They’ve been trying to simplify and grow at the same time. Hiring Friedland wasn't just about filling a seat; it was about stealing a playbook.
By bringing in the guy who built Goldman’s mid-market engine, Citi is telling the market they are coming for those fees. They want to be the first call for a founder selling a $1 billion tech firm or a family-owned retail chain looking for an exit.
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Friedland’s approach is surprisingly human for a banker. He’s often quoted saying that the best deals are the ones where you add value to people who are "personally and emotionally invested" in their business. That’s not typical corporate speak. It’s why he was able to build such a massive team and why so many clients followed him.
Actionable Insights for Mid-Market Leaders
If you’re a business owner or a private equity lead, the move of David Friedland Goldman Sachs veteran to Citi should tell you three things about the current market:
- The "Middle Market" is the New Battleground: Big banks are no longer just for the Fortune 100. If your company is worth $500M+, you have more leverage with top-tier banks than you think.
- Experience Trumps Brand: Banks are hiring "name brand" partners to win business. Don't just pick a bank; pick the partner who has a track record in your specific industry.
- Relationships are Scaling Up: Even as AI and data take over, the "relationship banker" is making a comeback. Look for firms that offer dedicated coverage teams rather than generalists.
What to watch next
Keep an eye on Citi’s deal flow in the consumer and retail space over the next twelve months. If Friedland’s history is any indication, we’re going to see a lot of mid-sized brands making big moves under his guidance. He’s been in the game for nearly 30 years—he’s just getting started with his second act.
To stay ahead, you should review your own financial advisory relationships. Are you getting senior-level attention, or are you being passed off to a junior team? If it's the latter, the shift in the banking landscape means you might finally have the power to demand better.