Goldman Sachs recruits power banking expert Tyler Miller from Citigroup

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

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

Miller most recently led a similar team at Citigroup, where he was a managing director, as stated in the memo. He will be based in New York and commence his new role after a standard period of leave, according to a source familiar with the matter who requested anonymity because Miller’s hiring was not yet public.

A spokesperson for Goldman Sachs confirmed the details of the memo but declined to provide additional comment. A representative for Citigroup also declined to comment.

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

His recruitment comes as utilities have experienced a surge in energy demand driven by the artificial intelligence boom, which includes data centres, generating excitement among investors.

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

Goldman Sachs has recently countered after losing some talent to smaller rivals such as Evercore Inc. In recent weeks, it secured top aerospace and defence dealmaker Michael Tarulli from the boutique firm. It also hired Matt Beitzel from Citigroup to join its financial institutions division as a partner.