Bloomberg News reports that Berberian, a prized trader who was co-head of Goldman Sachs’s high-yield desk, joins Citigroup just as defections have hollowed out its junk-bond team. Kelly Maier, Brian Funk and Faraz Naseer, among others, have left. Some were poached by competitors while others left after grumbling about compensation, according to people familiar with the matter. The good news for Berberian is his appointment comes at a time when higher volatility and looser regulations offer a bright outlook for the desk.
The hire is seen as a critical move for Citigroup veterans Joseph Geraci and Mickey Bhatia, co-heads of global spread products, as the unit is known. Berberian will be reporting to Vikram Prasad, who recently took over as Citigroup’s global head of credit trading.
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