Goldman Sachs snaps up Citigroup veteran for natural resources team

Goldman Sachs Group Inc. has hired veteran power banker Tyler Miller from rival Citigroup Inc. as a partner in its natural resources group.

At Goldman Sachs, Miller will be global co-head of power, utilities and infrastructure, according to a memo reviewed by Bloomberg News.

Miller most recently led a similar team for Citigroup, where he was a managing director, according to the memo. He will be based in New York and start his new job after a standard period of leave, according to a person familiar with the matter who asked not to be identified because Miller’s hiring wasn’t public yet.

A spokesperson for Goldman Sachs confirmed the content of the memo but declined to comment further. A representative for Citigroup declined to comment. 

Miller, who has almost 25 years of experience in power industry dealmaking, previously held roles at banks including Barclays Plc, Lehman Brothers and Merrill Lynch.

His hiring comes as utilities have seen a surge in energy demand to support the artificial intelligence boom, which includes data centers, sparking enthusiasm among investors. 

Deal activity in the industry is also picking up. This month, Carlyle Group Inc. sold power producer Cogentrix to private equity firm Quantum Capital Group for $3 billion. 

Goldman Sachs has most recently punched back after losing some talent to smaller rivals such as Evercore Inc. In recent weeks, it won back top aerospace and defense dealmaker Michael Tarulli from the boutique firm. It also poached Matt Beitzel from Citigroup to join its financial institutions group as a partner.