Joining a long line of institutions and funds seeking bargains in distressed debt, Citigroup altered the structure and responsibilities within its credit trading teams in New York and London.
Citi cited "significant trading opportunities in credit markets," when announcing the changes via a staff memo early in April, according to Dow Jones Newswires.
Carl Meyer was made global head of distressed trading. The New York-based manager had headed both distressed trading and North American high-yield trading. The memo indicates the change is meant to sharpen focus on the distressed debt market.
Brian Archer was named global head of investment-grade and high-yield credit trading, and will relocate to New York. To fill Archer's former role of head of European flow credit trading, Citi hired Tim Gately from Goldman Sachs, according to Dow Jones.
In addition, the story says Citi will combine credit specialists who work on loans with those who work on high-yield trading in both London and New York. New York-based teams of par loan traders and credit sector specialists will switch to public side trading, to enable more dialogue with colleagues.
James Nessel remains head of the par loan trading team. Loan credit specialist group head Mike Kender is retiring, according to the article.