In further proof that banks aren't just throwing thousands of people to the street and that there's also some hiring going on, Citi quietly recruited a senior trader from Barclays.
It happened last month so is not entirely contemporary, but it appears to have gone unnoticed. Jonas Klink, who left Barclays in May, reappeared at Citi as head of covereds, sovereign supranationals and agencies trading (SSAs) and rates illiquids trading. This time he might stick around - Klink was only at Barclays for a year after joining from Santander in August 2018.
Citi didn't respond to a request to comment on Klink's arrival. It comes as the bank is cutting jobs in its fixed income and equities sales and trading divisions in an attempt to cut costs. Last week, Bloomberg reported that 50 people were let go in New York and 25 in London as the bank works towards a redundancy target of 400 people. This week, the bank has reportedly eradicated U.S. high yield credit analysts, with managing directors and others area leaving the bank. Market insiders say Citi has also closed its Chicago cash equities sales trading desk, although the bank didn't respond to a request to confirm this.
Klink's jump to Citi might appear ill-timed, except all is not entirely well at Barclays either. The British bank made 3,000 redundancies across the group in the past quarter, and has reportedly cut this year's bonus allocations by 23%.
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