Citi has killed its Aussie credit trading desk that trades in AUD-denominated bank bonds, corporate debt issuance, derivatives and the like, as cost-cutting measures sweep through US and European investment banks amid a lull in dealmaking.
Citi has killed its Aussie credit trading desk that trades in AUD-denominated bank bonds, corporate debt, derivatives and the like, as cost-cutting measures sweep through US and European investment banks amid a lull in dealmaking.Market sources said Citi’s Australian outpost made the decision on Wednesday evening, and had called its biggest clients by Thursday morning.
Citi will continue to run its rates rating business, which transacts in government and semi-government bonds, and tends to be higher volume than corporate credit trading desks in Australia. It had carved out a niche in RMBS issuance from non-bank lenders, with recent joint lead manager roles including Pepper Money and La Trobe Financial.
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