Citi hired Goldman's TMT managing director on the West Coast
Sometimes it helps to swap jobs frequently. Ask Todd Speece, the new head of emerging growth coverage at Citi in San Francisco - he typically moves on every three and a half years.
Speece's spell at Goldman was shorter than usual: he joined Citi after two and a half years at GS, where he was also a tech banker and was also based in San Francisco.
Before Goldman, Speece spent around three and a half years at William Blair as head of West Coast Capital Markets and three and a half years at Raymond James as head of technology capital markets.
His longest assignment was at Piper Jaffray, where he spent seven years ending in 2011.
Swapping jobs is often a way of leveraging pay increases in financial services. According to a purported post by a Goldman Sachs banker (not Speece) on Blind, switching firms in years six and nine of a finance career can deliver total compensation increases of between 33% and 73%.
It probably helps that technology bankers are hot on the top of soaring tech firm valuations. Goldman Sachs promoted several of its San Francisco bankers to MD last year in a reflection of the need to keep bankers in the sector happy.
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