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Scoop: Kapp Leaves Stifel, Nicolaus and Jumps To Citi–UPDATED

Peter Kapp has left Stifel, Nicolaus & Co. and is rejoining Citigroup, sources say.

Kapp’s first day back at Citi will be Monday, one person says. He will be joining Citi’s depositary institutions investment banking team that is headed by Tom Heath. Kapp, who will report to Heath, will be an MD focused on large and mid-cap banks nationwide, the source says.

The move marks the end of Kapp’s two-year stint at Stifel Nicolaus. He joined Stifel Nicolaus, a unit of Stifel Financial Corp., in January of 2009. Kapp was an MD in Stifel’s financial institutions group.

Officials for Stifel late Monday confirmed that Kapp left the IB earlier this year. He has been on “garden leave” (from what I understand this term is used when an employee leaves a job but is technically still employed by them. However, they don’t work and can’t work for any competitor for 90 days).

Before joining Stifel, Kapp spent more than 10 years at Citi where he was a director in the FIG group. He was part of the team that advised Citigroup on the sale of Legg Mason Capital Markets to Stifel and also advised Stifel in its buy of Ryan, Beck & Co.

Citi has been expanding its ranks of senior FIG bankers. Heath himself joined Citi earlier this year. Heath was a former banker at UBS where he focused on banks in the Southeast, Mid-Atlantic and Midwest.

Officials for Citi confirmed that Kapp will be joining next week, and he will be an MD in the FIG group.