“[Mark] has been one of the lead drivers of our M&A business and has played a central role developing the franchise, which grew significantly under his leadership," Tyler Dickson and Manuel Falco, Citi's global co-heads of banking, capital markets and advisory, wrote in the memo.
Cary Kochman, who has led the bank’s global M&A operations alongside Shafir since 2017, will continue as chief of that business. Shafir plans to stay on until mid-May to help with the transition process, according to the memo.
Shafir’s departure marks the latest move in a busy season of executive shuffling at Citi. The bank announced roughly two weeks ago that it had hired away Andy Sieg, president of Merrill Lynch Wealth Management, to serve as Citi’s head of global wealth starting in September.
A week before that, Citi named 32-year veteran Anand Selva as its next chief operating officer. In that role, Selva takes over as point person for Citi’s “transformation” — its term for a years-long tech upgrade and integration — from Karen Peetz, the bank’s chief administrative officer, who is set to retire in May.
Shafir joined Citi in 2008 and advised on several massive deals, including Broadcom’s $61 billion deal to buy VMware, as well as grocery chain Kroger’s proposed $25 billion acquisition of rival Albertsons.
Dealmaking, on the whole, has slowed by 44% from this point last year, according to Dealogic, as the market weathers volatility and economic uncertainty.
Before landing at Citi, Shafir served as global head of M&A at Lehman Brothers, according to his LinkedIn profile. He began his banking career at Goldman Sachs in 1985, leaving as a vice president. He also served a yearlong stint as a director at First Boston and spent seven years at Merrill Lynch.