- Credit Suisse Group AG has hired veteran tech banker Dhiren Shah from Citigroup 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 in a series of talent loss suffered by Credit Suisse 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 joins Citigroup as chairman of global technology mergers and acquisitions in New York, after six years at Credit Suisse as Head of Financial Sponsors M&A with a focus on the technology sector, said the memo, which was confirmed by a Citigroup spokesperson.
Deals which Shah has advised on this year include Atotech's $5.1 billion sale to Panasonic Corp. and Blue Yonder's $7.1 billion acquisition of MKS Instruments Inc..
Prior to credit Suisse, Shah worked at Morgan Stanley and Greenhill Co Inc. where he was Head of Global Technology Investment BankingGlobal Technology Investment Banking.
As key co-heads of M&A, Shah will report to Citi then report closely to Philip Drury, who was named in earlier this year with Cary Kochman and Mark Shafir, and work closely with Shah.
Banks have been ramping up hiring in M&A groups to capture more market share in a booming dealmaking environment. Citigroup hired Aly Alibhai in its bid to revamp the senior team this month to lead its global media and entertainment business unit.
Technology is the leading sector for M&A activities globally, accounting for 22% of total volume year to date, Refinitiv data shows.