While other banks sit on their hands and wait to see how 2013 pans out, there are signs that Citi is busy hiring markets professionals in London.
As we reported yesterday, the U.S. bank recruited Stefan Auerweck, a former government bond trader from RBS, in April. Since then, the Financial Services Authority (FSA) register reveals that Citigroup has added another four senior markets professionals in London. They are: Ayaz Mohyuddin, a credit trader with more than six years' experience at Credit Suisse; Petra Lottig, the former global head of commodity investor sales and structuring at J.P. Morgan; Remi Genlot, the former head of equity and fund structuring at Merrill Lynch; and Richard Aboboto, a senior Central and Eastern Europe, Middle East and Africa (CEEMEA) equities trader from Renaissance Capital and formerly from Lehman.
This follows the expansion of Citi's commodities business and the recruitment of two senior base metal traders from UBS in April.
When other banks were firing in London a few years ago, Citi was busy hiring. In September 2010, it recruited 16 people for its CEEMEA equities team, for example. Citi's decision to add staff opportunistically in 2009 and 2010 has been suggested as a possible reason for the bank's strong performance in the first quarter.
More recently, Citi has been cutting costs. In December 2012, Citi announced 1,900 job cuts in its investment bank, with 950 coming from operations and technology and 950 coming from areas of low productivity like equities. Citi declined to comment on whether it is also hiring in 'productive' areas of its markets business.