Citi reorganises structured credit

Citigroup has reorganised and expanded its global structured credit business. The firm has combined its cash and synthetic structured credit businesses and made some key hires, as well as establishing an illiquid structured credit trading business area. These changes come under the direction of Michael Raynes, the new head of global structured credit products, who joined Citi from Deutsche Bank in June.

“Citi has proven itself as a market leader in cash CDOs,” says Raynes. “These changes and new hires are a testament to Citi’s commitment to growing its structured credit business.”

Under the new structure, New York-based Nestor Dominguez and Janice Warren co-head origination and syndication of all third-party cash and synthetic transactions. London-based Mickey Bhatia, who joined Citi from Deutsche shortly after Raynes, will head global credit correlation trading. Chris Carmen, also based in London, heads ABS correlation trading, while Mike Jinn, also a new hire from Deutsche, is heading the newly created illiquid structured credit trading business out of London. Fred Chapey, meanwhile, will head derivatives structuring in New York.