Citi has hired a former equity exotics and hybrids trading director from JP Morgan to head up its exotic equity derivative trading for EMEA, according to an internal memo.
Robert Smolen managed JP Morgan’s index correlation and hybrid trading books for more than eight years and will be tasked with bringing the hybrids and exotics trading teams together at Citi.
Rob Pitcher and Cornelius Griffin - who were involved in building out Citi’s exotics trading platform across EMEA and NAM - have also been promoted as global co-heads of exotic equity derivative trading.
Smolen will be based in London and will report to Pitcher and Griffin, the memo said.
The reshuffle signals Citi’s move to expand its structured product franchise in equities and strengthen its risk management across regions.
Last week, Citi poached a number of people to join its equities electronic execution business.
Joseph Sidibe departed Bank of America Merrill Lynch and Phoebe Nockholds left Liquidnet to join Citi’s equities platform sales team.
The memo confirming the new hires said as it continues to build momentum of its equities platform, Citi is “committed to attracting the industry’s top talent to provide clients with market-leading solutions across products and geographies”