Citi’s global head of derivatives is going and it has a new one

As we noted yesterday, Citi's equities business has suffered some departures and might need some new hires. As we also noted yesterday, Citi's relatively poor third quarter in equities appeared to be the result of a miss in equity derivatives, which the bank said declined.

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Against that backdrop, we understand that Citi is reshuffling its equities business and that David Haldane, its global head of derivatives and EMEA head of equities, is leaving. Haldane, who is thought to have stepped down a few weeks ago, is understood to have been replaced by Rob Smolen, Citi's London-based global head of exotics and hybrids trading.

 Citi didn't comment on Haldane's exit. The reason for the changes is not clear.

Haldane joined Citi from JPMorgan in Australia in 2011 and transferred to London in 2014. He was reported to global head of equity derivatives trading in 2016 and reported to Fater Belbachir, who also worked for JPMorgan and who also has a derivatives background. Belbachir joined Citi in 2020. 

Smolen also came to Citi via JPMorgan's equity derivatives team. He has been there since 2017. IFR reported in the summer that Smolen was joining Barclays. Bloomberg notes that Citi gazumped him. 

In a memo seen by eFinancialCareers, Fater Belbachir said Smolen will, "work alongside David and our regional leadership in Europe to ensure a smooth transition."

Citi's equity derivatives business was historically its strong point, given the combined experience of its senior team in London. Under Haldane, it hired various expensive people including Nikhil Reddy, Anurag Jodhawa, Emmanuel Girod,and John Macpherson to manage its growth.

Matthew Topping, a Citi futures and options sales trader also recently reappeared at Marex.

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