Convertible traders are leaving Citi for hedge funds
Like most banks this year, Citi is in the process of cutting staff. But some people at the bank are also leaving without being cut.
At least two traders have recently left Citi's convertibles team in London. Both are thought to have gone to hedge funds, although we do not know which ones.
Brendan Clarke, a director in convertible bond trading who'd been at Citi for 12 years, is understood to have resigned last week for an unnamed hedge fund.
And Thierry Anid, a convertible bond trader who spent four years at Citi after five years at Barclays, quit last month for another unnamed hedge fund.
Citi declined to comment on the moves. The bank's convertible bond trading team, which was already small, is now looking even more depleted and may need some replacement hires.
Citi's fixed income revenues fell 13.5% year-on-year in the second quarter. The bank blamed declines in currencies and commodities trading for the fall, but made no mention of the resilience, or not, of its credit business.
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