Citigroup’s investment bank is embarking on an ambitious expansion in a bid to close the gap on Wall Street rivals, as the Covid-19 crisis has upended client business models and spurred opportunities for dealmakers.

The bank will hire senior dealmakers and look to catch up with US rivals including JPMorgan and Goldman Sachs at the top of the investment bank league tables after creating a series of large teams of bankers to capitalise on disruption sped up by the pandemic, its global co-heads of banking, capital markets and advisory, Tyler Dickson and Manolo Falco, told Financial News.