Citigroup (C) M&A Head Says Recovery Sustainable

Mark Shafir, head of global mergers and acquisitions at Citigroup (NYSE:C), says he believes the economy will recovery in a sustainable manner.

“The market is clearly recovering, volumes are about 25 percent year-over-year,” said Shafir in an interview with CNBC. “We’re seeing a much bigger numbers, and we think in the mega-deals, $10 billion and north, it will be up close. On a run-rate basis, it’s running about 40 percent over.”

“When you just look at the trends—cash on the books, valuations where they are, the credit markets are screaming—it just makes a lot of sense in the real recovery,” added Shafir.

Citigroup closed Monday at $4.68, down $0.02, or 0.43 percent.