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Morning Coffee: Citi swaps business head for VP as ‘juniorization’ continues. Options post-burnout

Juniorization Citi

Upgrading within

If you’re looking for an example of the “juniorization” phenomenon in investment banking, Citi just provided one.

Bloomberg reports that Gaurav Gupta, head of Citi’s European trading desk for European collateralized loan obligations (CLOs), is leaving the bank. Gupta’s replacement will be reportedly be Vitaliy Kozak, a trader who is current a VP and who joined the bank a mere six years ago after graduating from London’s Imperial College according to his LinkedIn profile.

Gupta isn’t the only senior markets professional to be nudged out the door. James Nessel, US head of high yield trading, is also leaving Citi, and Jay Huang, global head of CLO trading, reportedly left the bank last week. At Morgan Stanley, Bloomberg reports that Brian Weadock, co-head of global fixed income sales, is taking personal leave. Whether Nessel, Huang and Weadock are also being replaced by VPs is unclear.

Separately, forum site Wall Street Oasis has an informative thread on what to do if you’re a second year analyst at a bulge bracket bank who can’t imagine staying for a third year, or moving to the buy-side. “Which exit option could allow me to do valuable and enjoyable work, but not require me to kill myself by working ridiculous hours and never having any time off?,” an analyst in this situation asks. “Do not quit and head into unemployment. Do not,” says one respondent. Others suggest yoga, golf, meditation, corporate development, asset management, or an MBA.

Meanwhile:

Traders are losing their jobs because revenues in banks’ trading businesses have fallen by as much as 56% in the first quarter. (Financial Times) 

Nicola White, global head of rates for electronic markets at Morgan Stanley, just joined Citadel Securities as COO for the fixed income division. (Reuters)

Brett College, a former head of credit trading at UBS, just joined an interdealer brokerage firm. (Financial News) 

Jefferies just hired Joe Femenia from Goldman Sachs to run its distressed debt desk. Femenia was once a Navy Seal. (Bloomberg) 

Bryan Weadock, cohead of global fixed income, currencies, and commodities sales at Bank of America Merrill Lynch, is going on leave. (Business Insider)

1.7m banking jobs will be lost to the fintech industry. They will mostly be in consumer and retail banking. (Financial Times) 

UBS’s inspirational head of technology is mysteriously leaving the bank. (Finextra) 

BlackRock is cutting 400 jobs. This is 3% of total headcount (Bloomberg)

You may now have 16 weeks paid maternity leave at Bank of America in the US. (Business Insider) 

Questions to ask oneself at Goldman Sachs: ““Important people like to deal with other important people. Are you one?”  (Bloomberg) 

Ask someone for a reference and they might even find you a job. (Quartz) 

What happened to China’s bad debt? (Medium) 

Photo credit:  Citigroup by Gordon Joly is licensed under CC BY 2.0.

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