Citi lost another top macro trader, this time to paternity leave

As we reported earlier this week, Citi's London rates trading business lost two top traders to rivals. Now another senior figure has left the macro team, for paternity leave. 

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Akshay Singal, Citi's global head of short term interest rate trading (STIRT) said on LinkedIn that he's taking six months off following the birth of his son. "Wish me luck, and see you in January!," said Singal, noting that taking six months off isn't the norm - especially for men- but that it should be.

Male traders are, in fact, increasingly making the most of long paternity leaves. Ranald Falconer, a derivatives trader at Goldman, took five months off in 2021, for example. 

Citi declined to comment on whether Singal will have a specific replacement. Charan Dhinsa, one of Citi's top STIRT traders in the world, is presumably not having a baby too and is thought to be still on the desk in London. 

Citi broader rates business might need some new faces. Dimitry Levin, the bank's head of non-linear US rates trading, left this month for Bank of America in New York, where he's in a similar role. Franceso Guercio, Citi's London-based head of gamma trading, is joining Deutsche Bank in London.

Singal is in favour of a wealth tax and is a member of Millionaires for Humanity alongside former colleague Gary Stevenson. Last year, Bloomberg reported that Singal's team accurately predicted the Fed's 50bps August rate cut, presumably generating fine profits in the process. 

Taking paternity leave is not, however, without risks. Jonathan Reeves, a former compliance VP at Goldman, took six months' leave in 2022 and was terminated five weeks after he came back.

Citi insiders point that Singal isn't the first person on Citi's STIRT desk to take paternity leave. Marcus Satha, the former global head of STIRT trading at the bank, did much the same around 2022. Satha then left in early 2024 and is now publishing children's books instead.  

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