August 3 - Credit Suisse Group AG has poached Aly Alibhai from Citigroup Inc to lead its global media and entertainment mergers and acquisition group, one of its most high-profile hires, as it seeks to recover from a slew of departures.
Alibhai joins Credit Suisse in New York after spending 16 years at Citigroup advising media and communications clients, according to a memo seen by Reuters whose content was confirmed by a Credit Suisse spokesperson.
The Swiss bank suffered a 41% loss in investment banking revenue in the second quarter, after its lending exposure to struggling investment fund Archegos led to a $5.5 billion loss. A string of investment banks not involved in the fraud jumped ship as a result, concerned about the financial and reputational fallout for the bank, including its head of global mergers and acquisitions group Greg Weinberger.
Many recent clients include Fox, Sony and Warner Music Group. He is expected to start next week, according to the memo sent Tuesday by Giuseppe Monarchi Global Co-Head of Media and Telecom.
Credit Suisse said on Monday it had hired HSBC banker Orazio Tarda to co-lead its Global financial technology investment banking coverage.
Refinitiv ranks #7 in the Global M&A League table and Credit Suisse is number seven.