Citigroup has recruited five senior investment bankers specializing in the technology sector within the United States, as part of an effort to expand its operations and compete for global market share.

According to an internal memo, all new hires will join the bank as managing directors.

The appointments include Chris Grosse, who will join from Bank of America to cover payments, fintech, and digital assets, starting work in New York in September.

Florian Plath will join from JPMorgan in August, focusing on software and semiconductor companies.

Dhruv Fotadar will also join from JPMorgan in August, responsible for covering corporate infrastructure clients in the software and artificial intelligence sectors.

Anand Agarwal will join from JPMorgan in August as well, concentrating on semiconductor and AI companies.

Josh Sheets will join from UBS Group, strengthening the bank's coverage in the software sector.