Citigroup’s top investment-grade bond trader and three other traders left the bank amid a slowdown in fixed income that’s hurt revenue at Wall Street’s biggest firms, people familiar with the matter said.
Bloomberg News reports that David Cohen, 54, head of investment-grade debt trading for Citigroup, left last month, according to two people with knowledge of the matter who asked for anonymity because the departures have been kept private.
Revenue at Citigroup’s bond-trading division dropped in four of the past five quarters compared with a year earlier as the Federal Reserve slowed its debt-buying program. The fourth quarter of 2013 was the slowest in two years. JPMorgan Chase & Co., the biggest U.S. bank, said last week that the industry’s trading slump may last through the second quarter.
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