Citigroup hired a senior equity structurer from the U.S. to work in London
Citigroup has strengthened its London equity derivatives team with the addition of a senior structurer from Bank of America in London.
Alexandre Isaaz, a former equity structurer at Bank of America, has just joined Citi in London according to insiders.
Citi didn't immediately respond to a request to comment on Isaaz' appointment or his role, but the FINRA register shows Isaaz leaving Bank of America on July 26th and he's already listed on Citi's internal telephone directory in London.
Isaaz's move comes as banks are building out their equity derivatives businesses, with a focus on sales and structuring. Stacy Selig, the head of Goldman Sachs Americas equity structuring group, said this week that there's more demand for equity structurers globally as investors seek to hedge against a growing range of factors in increasingly challenging markets.
Revenues in Citi's equities business were up 19% year-on-year in the second quarter and 29% year-on-year in the first half. After years of investment, Mike Corbat, Citi's CEO, said the bank now ranks sixth for equities trading globally and is close to fulfilling its aim of being in the top five.
Citi isn't the only bank strengthening its equity derivatives business. Goldman Sachs has been hiring too, as has BNP Paribas, as has Credit Suisse, to name but a few. Credit Suisse CEO Tidjane Thiam said this week that equity derivatives revenues were much stronger in the second quarter. "Equity derivatives were a drag for two years," said Thiam. " – It looked like a bloodbath...suddenly they are the heroes."
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