A veteran tech banker, Dhiren Shah, from the Credit Suisse Group AG has been poached by Citigroup as a part of the new strategy of the company to focus on investing money and effort in tech franchise, claimed a report by the news agency Reuters based on information from a memo of the latter.
Following the lending exposure of Credit Suisse to the troubled investment fund Archegos resulted in a hit to the bank of $5.5 billion, there has been a string of talent departures from the company and the move by Shah is the latest in that series. The incident prompted a number of investment bankers who were not involved in the Archegos debacle left Credit Suisse over their concerns about the impact of the incident on the finances and reputation of the bank.
According to the report quoting data from the memo, Shah had been the head of Financial Sponsors M&A at Credit Suisse, with a focus on the technology sector, for a period six years and is slated to join Citigroup as Chairman of Global Technology mergers and acquisitions (M&A) based in New York. The report claimed that the contents of the memo were later confirmed by a Citigroup spokesperson.
Atotech's $5.1 billion sale to MKS Instruments Inc. and Blue Yonder's $7.1 billion sale to Panasonic Corp are the deals that Shah has advised on this year.
Shah had also worked in at Greenhill & Co Inc, as well as Morgan Stanley, where he had the role as the chief of Global Technology Investment Banking prior to joining Credit Suisse.
The report also said that Shah would be reporting to Citi's global co-heads of M&A, Cary Kochman and Mark Shafir, and would be working in close coordination with Philip Drury, who was appointed as the head of technology and communications by the company earlier this year.
In recent months, global banks have been ramping up recruitment of experts in M&A roles to be able to get a larger share of the deals making market which has been booming in recent times globally. Citigroup’s Aly Alibhai was hired earlier this month by Credit Suisse for heading the bank’s global media and entertainment group to add on to the efforts of the firm to rebuild the senior team.
According to Refinitiv data, the leading sector for M&A activities globally so far this year has been the technology sector which accounted for about 22 per cent of the total deals volumes so far.
(Source:www.investing.com)
Following the lending exposure of Credit Suisse to the troubled investment fund Archegos resulted in a hit to the bank of $5.5 billion, there has been a string of talent departures from the company and the move by Shah is the latest in that series. The incident prompted a number of investment bankers who were not involved in the Archegos debacle left Credit Suisse over their concerns about the impact of the incident on the finances and reputation of the bank.
According to the report quoting data from the memo, Shah had been the head of Financial Sponsors M&A at Credit Suisse, with a focus on the technology sector, for a period six years and is slated to join Citigroup as Chairman of Global Technology mergers and acquisitions (M&A) based in New York. The report claimed that the contents of the memo were later confirmed by a Citigroup spokesperson.
Atotech's $5.1 billion sale to MKS Instruments Inc. and Blue Yonder's $7.1 billion sale to Panasonic Corp are the deals that Shah has advised on this year.
Shah had also worked in at Greenhill & Co Inc, as well as Morgan Stanley, where he had the role as the chief of Global Technology Investment Banking prior to joining Credit Suisse.
The report also said that Shah would be reporting to Citi's global co-heads of M&A, Cary Kochman and Mark Shafir, and would be working in close coordination with Philip Drury, who was appointed as the head of technology and communications by the company earlier this year.
In recent months, global banks have been ramping up recruitment of experts in M&A roles to be able to get a larger share of the deals making market which has been booming in recent times globally. Citigroup’s Aly Alibhai was hired earlier this month by Credit Suisse for heading the bank’s global media and entertainment group to add on to the efforts of the firm to rebuild the senior team.
According to Refinitiv data, the leading sector for M&A activities globally so far this year has been the technology sector which accounted for about 22 per cent of the total deals volumes so far.
(Source:www.investing.com)
