Citigroup reorganises equity derivatives unit

Citigroup has promoted Richard Burns to global head of structured and retail equity derivatives.

London-based Burns will spearhead the marketing drive in this newly created role, and will maintain his current position as head of multi-asset and fund derivatives, according to an internal memo obtained by RiskNews.

Joe Elmlinger, New York-based head of global equity derivatives, will oversee Burns in his new post, as well as reporting to Steve Jones, head of fixed income in New York. In the memo, Elmlinger said he expects Burns to exploit new opportunities between the two asset classes.