LONDON, Sept 6 (IFR) - Keval Shah has resigned from
Citigroup as co-head of FIG syndicate, based in London, to join
UK lender Lloyds Bank to take up the role of head of financial
and corporate syndicate, Lloyds said on Friday.
Tim Michael, the other co-head of FIG syndicate at Citi,
will take on Shah's duties and will be responsible for selling
covered and senior bonds as well as bank capital.
It is unclear whether or not Citi will fill the position
with a new hire.
At Lloyds, Shah will report to Andrew Ryan, head of bond
syndicate in the bank's wholesale banking & markets division.
Shah may begin his new role in December, although that may
According to market sources, Shah was disappointed with the
lack of progress in his career at Citi and the move did not come
as a complete surprise.
Shah has worked at Citi for over 14 years, having graduated
from the University of Oxford in 1999, where he studied
mathematics, according to his LinkedIn profile page.
Lloyds has been seeking to expand its presence in the FIG
sector in euro and sterling markets this year, having struggled
to win a large portion of covered, senior and subordinated
The UK lender is often edged out by Barclays, Bank of
America Merrill Lynch, Citi, Deutsche Bank, HSBC, Goldman Sachs,
JP Morgan and RBS.
This is the second hire Lloyds has made to its FIG team in
recent months. Earlier this year, Lloyds hired former UBS
executive Eva Porz as a bond structurer, as it sought to jump
into the booming hybrid and bank capital market.
Citi declined to comment on Shah's move. Shah also declined