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Ex-Citi derivatives trader takes risk job with J.P. Morgan

All that glitters is not gold

Risk jobs in investment banks have a far greater cachet than in the past. If you work in risk these days, you get to liaise with and restrain senior traders; you are of strategic importance and imperative to the bank's survival. Maybe this is why one ex-senior trader from Citi just turned up in a risk role at J.P. Morgan.

David Le Broussois, a former top derivatives trader from Citi, joined J.P. Morgan's 'Trading Portfolio Review' team. The team is understood to be part of the bank's model review group.  Reviewing models is an important part of the European Central Bank's attempts to introduce standardisation into the way banks calibrate risk.

Le Broussois' arrival at JPM follows a brief meander around senior trading roles at entryist banks in London.

A graduate of the esteemed Ecole Centrale Paris, Le Broussois spent seven years at Citi, rising to become a director of EMEA stucturing. In 2012, however, he quit this 'comfortable' life at Citi for a bigger job as a director and overall head of financial engineering at Russia's Sberbank. 21 months after that, he took an even grander role as managing director and head of structuring at China's Haitong Securities, which was then engaged in a, 'global expansion drive.'  Nine months on, he was de-registered from Haitong as the Chinese bank's global vision blurred and it pulled back from equities.

Le Broussois' career peregrinations can be read in two ways: as a warning against leaving a big bank for ersatz titles at aspirational smaller firms, or as a lesson in the increasing appeal of risk jobs in an ever more regulated market. Maybe both apply? It's also worth wondering whether he should simply have stayed at Citi. Perhaps he'd be an MD in the bank's EMEA structuring business by now?

Photo: oriba/Getty Images

AUTHORSarah Butcher Global Editor
  • He
    Herb Mallard
    27 August 2017

    It is sad to see UBS AG enlist those who become noteworthy in their respective fields of financial endeavor only to see them depart to other more stable financial institutions. Singapore's GIC sovereign wealth fund saw this after reading issue 7. A few days later they unloaded almost 2.4 billion$US of their UBS AG shares.

  • Ri
    Risk Manager
    14 December 2016

    I think this is a process by which a potential candidate will gain overall from the several experiences he had. Working in tier 1 banks is no doubtfully a great plus in his CV but for the kind of work he is doing now, I believe that the sum of all his experiences come into play.
    Model risk is for sure a hot area,

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