Mark Mahaney, the former Citigroup analyst who was fired by the bank over disclosure violations, has found a new home.
Royal Bank of Canada has hired Mr. Mahaney, 47, as a managing director covering Internet stocks, according to a news release from the bank.
“We are excited to add Mark's talents to our strong global research team,†Marc Harris, the global co-head of research at R.B.C., said in a statement. “His long history of unparalled buy-side relationships and insightful analysis of the Internet sector is second-to-none.â€
Citigroup dismissed Mr. Mahaney in October after regulators discovered that he had responded to a reporter's e-mail inquiry about the financial results of YouTube, a division of Google, without getting permission from the bank. After a Citigroup official confronted Mr. Mahaney, he denied ever e-mailing the reporter, according to a regulatory filing.
The dust-up emerged in connection with a broader inquiry by the Securities and Exchange Commission and Massachusetts regulators over Facebook‘s contentious initial public offering. Authorities have been examining whet her bank analysts selectively shared research about the social network to a limited number of clients and journalists.
Facebook paid Massachusetts regulators $2 million to resolve its role in the Facebook investigation.
Mr. Mahaney had worked at Citigroup since 2005 after a stint at the State Department and then positions on Wall Street at Morgan Stanley and Galleon Group, the former hedge fund ensnared by insider trading charges. (Mr. Mahaney was not implicated in that case.)
Institutional Investor magazine named him the No. 1 Internet analyst for five consecutive years.
