Citi has been making redundancies. Reuters reported yesterday that the U.S. bank cut ’35 traders’ from is London business. Only one was named, and that was Valentin Marinov, head of G10 currency strategy, at the U.S. bank, suggesting the beleaguered FX division may have been hardest hit.
In fact, the Financial Conduct Authority’s (FCA’s) register suggests that Citi’s recent exits have been more widespread. And ‘traders’ haven’t been the only losers. Salespeople have been eradicated too.
Since October, the FCA Register suggests the following individuals have left Citi in London. Some will have left of their own volition. Some will not have. They are: Evangelos Fanis, an options trader who’d been with the bank since 2011; Simone Hoiss, a cross-asset derivatives saleswoman who joined in 2010 (who is said to have left for maternity leave and may not be returning); Viktor Jensen a delta one trader (and racing driver) who started out as a sales assistant in 2010; Sally-Anne Martin, a director in warrant trading in Citi’s equity derivatives group, who’d been with the bank since 1998; Ana Rolim, a fixed income saleswoman who joined the bank from Goldman Sachs in 2010; Wayne Sepala, a rates trader who joined Citi 16 years ago, and Joanna Smit; a rates saleswoman who joined in 2006.
The 35 most recent redundancies at Citi don’t seem to have hit the FCA Register yet, and Citi was unable to immediately respond to a request for information on its layoffs. However, it looks like the clear-out in Citi’s markets business has been going on for a while. Fixed income professionals have most to fear. And salespeople and traders look equally vulnerable.