Citigroup has named a new head of credit trading in Europe following the promotion of Amit Raja to lead its sales and trading unit in the region.
Simon Jones, who has worked at the US bank for nearly 17 years, has been promoted head of credit markets trading for Europe, the Middle East and Africa, according to an internal memo seen by Financial News.
Jones will retain his role as head of global spread products financing and securitisation in Emea, the memo from Mickey Bhatia, who is head of global spread products, said.
Earlier in July, Raja was promoted to head of global markets for Emea, taking over from Leo Arduini, who was promoted to chief operating officer of its sales and trading unit in April. Raja is a two-decade veteran of Citigroup, having joined in 1997.
His new role will involve overseeing a team of around 2,800, the majority of whom are based in London.
“Simon will be responsible for helping develop a strategy to maintain and extend our position, with continued emphasis on strong risk management and controls,” the memo said.
Banks’ fixed income divisions have performed well in the second quarter, with sharp rises at both JPMorgan and Morgan Stanley during the period. However, the increase was largely down to a rebound in macro products, while credit trading revenues declined.
Credit Suisse is cutting 25% of its employees in credit trading, IFR reported on 13 July.
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