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UPDATE 1-Credit Suisse hires Citigroup banker Alibhai to lead media investment banking

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(Adds that Weinberger left for Morgan Stanley)

By Krystal Hu

Aug 3 (Reuters) - Credit Suisse Group AG has hired Aly Alibhai away from Citigroup Inc to lead its global media and entertainment investment banking group, one of its most high-profile hires as it seeks to recover from a slew of departures.

Alibhai will join Credit Suisse in New York after spending 16 years at Citigroup advising media and communications clients, according to a memo seen by Reuters, whose content was confirmed by a Credit Suisse spokesperson.

The Swiss bank suffered a 41% fall in investment banking revenue in the second quarter, 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, including its head of global mergers and acquisitions group Greg Weinberger.

Weinberger left Credit Suisse for Morgan Stanley.

Alibhai's recent clients include Fox, Sony and Warner Music Group. He is expected to start next week, according to the memo sent by global co-head of media and telecom Giuseppe Monarchi on Tuesday.

Credit Suisse said on Monday it had hired HSBC banker Orazio Tarda to co-lead its global financial technology investment banking coverage.

Credit Suisse currently ranks number seven in Refinitiv's global M&A league table. (Reporting by Krystal Hu in New York Editing by Sonya Hepinstall)