Finance

Citi dealmaker Shabi steps down after three decades at the bank

A senior dealmaker who has spent three decades at Citigroup is stepping down.

Cyrus Shabi, co-head of its global building products investment banking group, will retire from Citigroup, according to an internal memo seen by Financial News.

It marks the end of a 30-year career at the bank for the veteran dealmaker, with the memo from European investment bank boss, Nacho Gutiérrez and Citi’s co-heads of industrials investment banking Maria Hackley and Wes Walraven saying he will be missed for his “great expertise”.

“Cyrus has developed into the foremost investment banker in the building products and cement industry and has maintained a leading franchise over many years, where he has originated and executed the most notable transactions in the sector,” the memo added.

READ Citigroup names new leaders for UK investment bank in latest shake-up

Shabi co-headed the team alongside New York-based Richard Moriarty.

His departure is the latest change to Citi’s industrials coverage team. David Biller and Jean-Baptiste Petard were promoted to co-heads of industrials for Europe, the Middle East and Africa in March

To contact the author of this story with feedback or news, email Paul Clarke

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