Paul Creedon, Citi's former co-head of municipal banking and public finance, has joined Janney Montgomery Scott as head of national infrastructure to help expand the firm's municipal and public finance team.
Creedon has more than three decades of experience, "successfully directing business strategy for top-ranked public finance banking teams and serving the financing needs of state and local governments, nonprofits, and infrastructure entities," according to a press release.
"Paul is a longtime friend, and his reputation in public finance as a leader and a banker is impeccable," Vivian Altman, Janney's head of public finance, said in a statement. "We're excited to have him join the team as we expand Janney's investment banking reach, leveraging our formidable sales, trading, research, and underwriting platform."
Creedon has "tremendous capacity" as a banker, with experience in sectors outside of Janney's current business, such as tobacco securitization, and in geographical areas where the firm is seeking to grow, she said in an interview.
With someone of Creedon's caliber joining Janney, Altman said it signals to the market that Janney has a platform to compete and execute at the highest levels.
Janney ranks 30th among top underwriters with a par amount of $556.22 million achieved in 31 issues year-to-date. That compares to the firm underwriting $480.31 million in 30 issues over the same time period in 2023 when the firm ranked 29th.
The firm has also hired several other key employees, including Mike McCullough, who will support transportation and infrastructure coverage efforts and develop a "healthcare vertical," the press release noted.
More hires are on the horizon in various sectors and nationwide, with these hires part of the firm's five-year growth strategy, Altman said.
With these hires, Janney can expand its growth in munis through greater banking and origination, she said.
Creedon's and McCullough's hirings follow the firm's hiring of Bill Reisner in 2023. Reisner is now the co-head of fixed income.
"We're excited to welcome Paul and Mike to Janney as we advance our Public Finance vertical into new sectors and regions," Reisner said in a statement. "We've been deliberate about our expansion to ensure excellent execution and service while we continue enhancing our municipal business to better serve the needs of our issuer clients."
With Creedon's hiring, Janney is the latest firm to scoop up let-go talent from Citi, which exited the muni business at the end of last year.
Following Citi's muni division's closure, former employees have been hired by BofA Securities, RBC Capital Markets, Morgan Stanley, J.P. Morgan, Raymond James, Barclays, Wells Fargo, 16Rock Asset Management, Truist Financial Corp., Ramirez & Co., Loop Capital Markets, Stifel, Piper Sandler, and
