For the second time in as many years, Citi appears to be reloading its Delta One sales and trading teams. The bank has made at least three new hires in the last month alone.
Andrew Dawkins, former head of Delta One sales in the Americas for BNP Paribas, joined Citi in October as a managing director working out of New York. Citi also added Claus Hein, former head of synthetic equity distribution for EMEA at Deutsche Bank. Hein started in London last month as a director of Delta One sales. The bank also just poached ex-Goldman Sachs strat Sriram Bharadwaj to work on its forwards desk as a Delta One trader.
The hires come nearly a year after Citi hired away three senior Delta One traders from rivals. At that point, insiders suggested that the hires were meant to replace traders who left following the arrival of Tom Regazzi from UBS as Americas head of prime finance. This time around, Citi appears to be adding headcount. Delta One trading desks have come back in vogue over the last few years following the end of prop trading, though some firms like Credit Suisse and Deutsche Bank are said to be scaling back the businesses in the U.S. Delta One traders like Kweku Adoboli have made headlines by incurring some spectacular losses, though Adoboli was convicted of going rogue after losing $2 billion of UBS’s money.
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