Citi Gives Managing Director Title to More Dealmakers, Traders

(Bloomberg) -- Citigroup Inc. promoted a larger share of employees from its institutional-clients group to the company’s highest rank, a sign of the growing importance of the firm’s trading and investment-banking operations.

Two-thirds of the 178 employees named managing director this year work in the ICG division, compared with 60 percent in 2016, according to Danielle Romero-Apsilos, a spokeswoman for the New York-based bank. The total number of new managing directors declined 5.8 percent from the previous year.

Citigroup names a new class of managing directors every December. The title, the most senior at the bank, takes effect Jan. 1 and brings with it higher pay and other perks. Goldman Sachs Group Inc. named its biannual class of managing directors last month, bestowing the title on 509 employees. At Goldman Sachs, managing directors rank below partners in the firm’s hierarchy.

“A promotion to managing director is a career-defining accomplishment and each of these individuals makes a remarkable, differentiated contribution to Citi, fulfills our leadership standards and embodies our mission of progress,” Jamie Forese, Citigroup’s president and head of ICG, said in a Dec. 8 memo.

Synthetic CDOs

Of the 120 ICG workers promoted, 55 are in the markets and securities-services business, which includes trading and hedge-fund services operations. Another 33 work in the corporate and investment-banking unit, with an additional seven in capital-markets origination. The private bank named 13 people to managing director.

The typical Citigroup managing director in the U.S. earns a salary of $306,000, according to jobs website Glassdoor, which bases the estimate on self-reported figures and statistical models. Bonuses push the figure for total compensation to $640,000.

Among those promoted was Jia Chen, a trader who has spent the past two years becoming the face of the market for synthetic CDOs -- complex derivatives that let buyers make big, leveraged bets on the health of corporate America. Her efforts propelled the bank to the top of the market for the securities, which are back in vogue after years of rock-bottom interest rates have pushed investors toward riskier products.

Chen was one of 28 women in ICG named managing director, or 24 percent of the total. That’s up from 21 percent last year.

Here are the ICG employees named to MD:
Adam Halvorsen
Ahmed Bozai
Aida Mastura
Al S’Aeed
Alec Schoeman
Alex Altmann
Alex Knight
Alex Mulley
Amulya Goyal
Antonella Bianchessi
Ayan Raichaudhuri
Ben Garrity
Billy Cho
Bob Jackey
Bola Oyesanya
Bouhari Arouna
Brandt Portugal
Cameron Parks
Carey Ryan
Cathy Shepherd
Chris Chung
Chris Gooch
Christopher Herzog
Christopher Tedeschi
Cristina Paviglianiti
Dan Kim
David Gonzalez
David Ji Um
David Mitchell
Deven Somaya
Dimitri Andreadakis
Esther Chibesa
Fernando Fleury
Fred Hess
Garcia Froome
George Cherry
Gulrez Jamadar
Harish Raman
Harry Peng
Heather Rich
Helen Brookes
Hiroki Kondo
Hirokimi Hidaka
Hsiao Chi Wang
Hubert Lanne
Hui Gao
Israel Halpert
Jabaz Mathai
James Jackson
James Lee
James Teoh
Jeffrey Oh
Jia Chen
Jim Suva
Joe Narens
Joe Reel
John Mitchell
Johny Vlachakis
Jonathan Cain
Katrina Efthim
Larissa Sototskaya
Laura Coady
Laurence Mandrile-Aguirre
Lawrence Cyrlin
Lorenzo Leccesi
Louise O’Mara
Lydia Liu
Madlen Dorosh
Magdalena Mielcarz
Malte Hopp
Marcus Satha
Marina Donskaya Bronstein
Martijn Jansen
Marzena Fick
Matt Kenney
Matt Musa
Matt Passante
Matt Watson
Matt Zhang
Mbar Diop
Meng Gu
Mike Shelly
Milos Stefanovic
Morten Eikebu
Nancy Bertrand
Nate Stone
Nicholas Blach-Petersen
Nikheel Patel
Nikhil Kohli
Norman Leung
Omar El Glaoui
Pablo Del Valle
Patti Guerra Heh
Paul Favila
Prach Mishra
Rachel Brown
Rafael Souza
Ray Ho
Rebecca Kruger
Richard Hawwa
Rizwan Velji
Rob Chisholm
Rob Jurd
Roberto Severin
Ross Goldstein
Sam Baig
Sam Norton
Saquib Ayub
Scott Secor
Shane Azzara
Sid Mathur
Sonali Das Theisen
Steve Kwei
Vanderlei Silva
Vassilios Maroulis
Venkat Vajipeyajula
Vikram Soni
Ward Jones
Xiaopo Wei
Zack Comey

To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net.

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steven Crabill, Dan Reichl

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