If you want some time off before taking another job on - say, the buy-side - this is the time of the year to do it. As of yesterday, one Citi managing director (MD) just got himself a summer on the beach.
Citi insiders say that Jorge Deza Neira, a managing director on the bank's European government bond trading desk, resigned yesterday. Jorge's destination is not clear and neither he nor Citi are commenting on his intentions or his whereabouts, but he's thought to be going to the buy-side. He was at Citi for seven years.
Deza Neira's exit comes after Citi reported a 4% drop in its fixed income sales and trading revenues yesterday after the effects of its gain on Tradeweb were excluded. Citi's credit business registered a huge 43% year-on-year increase in credit trading and 'other' revenues in the second quarter, although this seems to have been mostly Tradeweb-related.
As we reported earlier, not all moves between banks and the buy-side are successful. Greg Sadler, a trader who joined HSBC from hedge fund CQS in 2017, left again in the most recent round of redundancies.
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