(Reuters) – Citigroup has hired veteran tech banker Dhiren Shah from Credit Suisse Group AG, as it doubles down on investing in its tech franchise, according to a memo seen by Reuters on Tuesday.
The departure of Shah is the latest of a series of talent losses Credit Suisse has suffered after its lending exposure to troubled investment fund Archegos led to a $5.5 billion loss. A string of investment bankers not involved in the debacle jumped ship as a result, concerned about the financial and reputational fallout for the bank.
Shah will join Citigroup as Chairman of Global Technology mergers and acquisitions (M&A) in New York, after spending six years at Credit Suisse as head of Financial Sponsors M&A with a focus on the technology sector, said the memo, the contents of which was confirmed by a Citigroup spokesperson.
Deals which Shah has advised on this year include Atotech’s $5.1 billion sale to MKS Instruments Inc. and Blue Yonder’s $7.1 billion sale to Panasonic Corp.
Prior to Credit Suisse, Shah worked at Greenhill & Co Inc, as well as Morgan Stanley, where he was Head of Global Technology Investment Banking.
Shah will report to Citi’s global co-heads of M&A, Cary Kochman and Mark Shafir, and work closely with Philip Drury, who was named head of technology and communications earlier this year.
Banks have been ramping up hiring in M&A groups to capture more market share in a booming dealmaking environment. In its bid to rebuild the senior team, Credit Suisse hired Citigroup’s Aly Alibhai to lead its global media and entertainment group this month.
Technology is the leading sector for M&A activities globally, accounting for 22% of total volume year to date, Refinitiv data shows.
(Reporting by Krystal Hu; Editing by Sonya Hepinstall)