Citigroup poaches Shah from Credit Suisse to boost tech M&A
18 Aug 2021
Citigroup (NYSE:C) is trading down 0.67% at 71.62
Citigroup (NYSE:C) has hired veteran tech banker Dhiren Shah from Credit Suisse (SIX:CSGN) 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 (NASDAQ:MKSI) Inc. and Blue Yonder’s $7.1 billion sale to Panasonic (OTC:PCRFY) Corp.
Prior to Credit Suisse, Shah worked at Greenhill (NYSE:GHL) & Co Inc, as well as Morgan Stanley (NYSE:MS), where he was Head of Global Technology Investment Banking.
On technical fronts Citigroup (NYSE:C) RSI stood at 54.81 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : Citigroup (NYSE:C)- SELL: 71.62, TARGET: 69.50, STOP LOSS : 74.36