Report - Citi lets go bond salesmen to focus on big clients

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Citigroup has let go at least five bond salesmen, including four who sold debt to mid-size investment firms, as the bank focuses on its biggest clients, according to people familiar with the matter.

Bloomberg News reports that Michael Tofias, a managing director, was among those who left the firm, according to the people, who requested anonymity because they weren’t authorized to speak publicly.

Directors Lee Peyser, who worked in high-yield sales, and Paul Giroux were also cut, as was Daniel Beiley, a vice president, the people said. All four were members of a team, which focused on smaller money-management firms, that was disbanded last year, one of the people said.

Nancy Wilson Brothers, a director in institutional credit sales who wasn’t part of the larger group, was also let go, she said in a telephone interview, declining further comment.

To access the complete Bloomberg News article hit the link below:

Citigroup Said to Cut Five Bond Salesmen to Focus on Top Clients

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