According to an internal memo from Citigroup, the bank has hired Dhiren Shah, a veteran tech banker, from Credit Suisse Group AG, as it doubles down on investing in its tech franchise.
Shah’s departure from Credit Suisse marks the latest in a series of talent losses at the bank after it suffered a lending exposure to troubled investment fund Archegos which led to a $5.5 billion loss. As a result quite a few investment bankers not involved in the debacle have jumped ship concerned about the financial and reputational fallout for the bank.
According to the internal memo, Shah is set to join Citigroup as the Chairman of Global Technology mergers and acquisitions (M&A) in New York; he spent six years at Credit Suisse as head of Financial Sponsors M&A with a focus on the technology sector.
A spokesperson for Citigroup confirmed the contents of the internal memo.
Deals which Shah has advised on this year includes, Blue Yonder’s $7.1 billion sale to Panasonic Corp and Atotech’s $5.1 billion sale to MKS Instruments Inc.
Prior to his stint at 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 Cary Kochman and Mark Shafir, Citi’s global co-heads of M&A, and work closely with Philip Drury, who heads the bank’s technology and communications unit.
Technology is the leading sector for M&A activities globally, accounting for 22% of total volume year to date.