Citi hired a top equity derivatives trader from J.P. Morgan in NYC

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Jason Cuttler Citi

Remember how equity derivatives traders have had an extraordinarily good year according to research firm Coalition? Jason Cuttler, one of New York City's top equity derivatives has just turned up at Citi after a pleasant four months of gardening leave.

Cuttler has joined Citi as a managing director on the bank's CETS (Citi Equity Trading Strategy) team, where he will be looking after global volatility and derivatives.

Citi is the third bank Cuttler's worked for in three years. He spent nearly 15 years at Goldman Sachs, where he was a managing director and global head of the tactical equity derivatives strategy team before he left in April 2016. After four months of gardening leave, he joined J.P. Morgan as an MD in April 2016, before leaving again in August 2018.

Equity derivatives professionals are hot property in 2018. Coalition estimates that equity derivatives revenues rose 26% year-on-year in the first nine months, driven by strong growth in flow derivatives and strategic equity transactions, particularly in the Americas.

Citi is understood to be expanding its CETS team. All equities sales and trading revenues at the bank were up nearly 20% year-on-year in the nine months to September. The bank said strength in its equity derivatives business helped drive revenue growth in the third quarter. In July, Citi hired Jeff Berton from Credit Suisse to head U.S. exotics trading and Quantitative Investment Solutions (QIS) in the Americas, a team focused on quantitative index strategies.

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