Yes, Citi is still building its rates sales business with people from UBS

People have been leaving UBS's rates business. Citi has been hiring them. This has been an ongoing trend. It's still a thing.

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The latest person to fall into the groove is Matteo Dan, who was latterly the head of hedge fund rates sales UK at UBS where he toiled for nearly 20 years. Now Dan's gone to Citi in London instead, where he will again work in rates sales but won't be the head. Citi declined to comment on this change. Dan did not respond to our query.

Dan's new boss at Citi is Ali Sanai. Sanai is the US bank's head of G10 rates and real money sales for Europe and the UK. Dan and Sanai know each other well: Sanai was also Dan's boss at UBS, where he was the global head of hedge fund sales at UBS until Citi lured him last year. It's a reunion.

He's hired other ex-UBS people too. Aisha Rubio, a junior from UBS joined Sanai's Citi team late last year. Maria Spathari, a G10 rates saleswoman from BofA arrived too.

UBS has been doing some hiring of its own. It made some junior hires in May and has since hired a mid-ranking rates trader from Standard Chartered and a junior euro swaps trader from Danske Bank. UBS's macro business is run by Shane O'Cuinn, formerly of Credit Suisse. O'Quinn hired Kunal Parekh from Nomura in March and Parekh is now running euro swaps trading and possibly trying to stop anyone else from leaving.

Separately and not in Sanai's team, we understand that Matthew Pye, a director on Citi's rates options desk resigned after 10 years. Pye has never worked for UBS and we don't know his destination.

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