Lehman's Shafir Joins Citi
Exodus from Lehman picks up speed as top M&A banker climbs aboard Citi.
September 18, 2008
Mark Shafir, most recently chairman and co-head of M&A at Lehman Brothers, has left the bankrupt firm for Citigroup, where he will become head of global M&A.
He will report to Alberto Verme and Raymond McGuire, Citi co-heads of investment banking, and replaces Frank Yeary, who departed during the summer to become a vice chancellor at the University of California-Berkeley (see related story).
A Citi spokesman told IDD Shafir will start in October, but the exact date has not been finalized.
Shafir's recent M&A mandates include advising CME Group on its $9.5 billion acquisition of Nymex Holdings and Hewlett-Packard on its $13.9 billion purchase of Electronic Data Systems. Earlier in his Lehman tenure, he advised the firm on its acquisition of asset management player Neuberger Berman.
"Mark brings a track record of building and leading M&A teams across Wall Street as well as deep client relationships and experience," Verme and McGuire said in a release. "We are sure his focus on clients and talent will help our M&A franchise maintain and build upon the significant momentum it has displayed this year."
Citi's M&A division is presently working on Dow Chemicals' $19 billion acquisition of Rohm and Haas and Anheuser-Busch's $61 billion sale to InBev.
"Citi's M&A business is among the best on Wall Street, and the firm's global capabilities, strong client relationships and talented team position it for continued success," Shafir said in the release. "I'm extremely excited to join and lead this impressive franchise."
Shafir began his Wall Street career at Goldman Sachs in 1985. He later worked for First Boston and then oversaw technology banking at Merrill Lynch. From Merrill, Shafir went to Thomas Weisel Partners, where he served as head of investment banking. He started at Lehman in 2003.
Shafir's brother, Rob, left Lehman in August 2007 to become chief executive of Credit Suisse's asset management and Americas regional operations. His brother had spent 17 years at Lehman, most recently as head of equities.
In addition to Shafir's appointment, Citi also announced that David Kirshenbaum has been named deputy head of global M&A. Kirshenbaum will maintain his most recent position at Citi, head of business selection.
Find out more information about people mentioned in this article from our People Database:
Robert Shafir
Frank Yeary
Alberto Verme
Raymond J. McGuire
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