Traders leave Citigroup after fixed income slowdown

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Citigroup’s top investment-grade bond trader and three other traders left the bank amid a slowdown in fixed income that’s hurt revenue at Wall Street’s biggest firms, people familiar with the matter said.

Bloomberg News reports that David Cohen, 54, head of investment-grade debt trading for Citigroup, left last month, according to two people with knowledge of the matter who asked for anonymity because the departures have been kept private.

Eugene Tutunikov, who ran algorithmic credit trading, also left along with traders Craig Napoliello and Peter May, the people said.

Revenue at Citigroup’s bond-trading division dropped in four of the past five quarters compared with a year earlier as the Federal Reserve slowed its debt-buying program. The fourth quarter of 2013 was the slowest in two years. JPMorgan Chase & Co., the biggest U.S. bank, said last week that the industry’s trading slump may last through the second quarter.

To access the complete Bloomberg article hit the link below:

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