Citi's London DCM bankers incredulous at junior hirings after senior firings
As we noted two weeks ago, there was some upset in Citi's London debt capital markets team last month when four popular and senior debt capital markets (DCM) bankers (Colm Rainey, Christian Rose, Santhi Athreya and Bruno Sáenz de Miera) were let go, despite a strong year.
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Now, fresh from those cuts, Citi is hiring again. But not at managing director (MD) level.
Not is Citi hiring at vice president (VP) level. Instead, Tommaso Ponsele, the main beneficiary of the recent cuts and Citi's new co-head of corporate and FIG DCM in the UK and Europe, said on LinkedIn that the bank is adding two new analysts and two new associates to its DCM business in Europe. All four junior jobs are based in London.
Citi declined to comment on the coincidence between the outgoing senior DCM bankers and the incoming junior DCM bankers, but one insider said it's a reflection of the "brutality" of the banking business. Another observed that, "The experience differential is vast. You might as well put up a sign saying 'We're juniorising'," he said. "- Clients will love advice from the associates, I'm sure!"
Citi's cuts came even though the bank's DCM revenues rose 74% year-on-year in the first nine months of 2024. There are suggestions, however, that 2025 could be more challenging for DCM bankers as a Trump presidency makes further interest rate cuts less likely.
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