Citigroup has let go two managing directors and six other staffers principally focusing on gas and oil from its New York-based businesses as part of its plan to shift the focus of its operations to Houston. According to one of the staffers who left, Citi offered all of them severance packages to leave. Joe Christinat, spokesman in New York, declined comment.
David Byron, in product development, and Sean Mulhearn, in the structured corporate finance group, are the two managing directors who left. Of the other staffers, Charles Boyer and Nick Calabrese were marketers, Christian Lemmer and Lisa Olafson were traders, Matthew Mills was a product developer and Ed Hogan was a structurer. Stuart Staley, a managing director and head of the North American commodity derivatives business for gas, power, oil and metals in New York, however, is thought to be staying put. According to one former staffer, the exits are part of a general slimming down in Citigroup's fixed income department.
The departures follow Benoit Vallieres, formerly a Northeast power trader in New York, who left to join Credit Suisse First Boston last month (DW, 2/14) and Eric Strickland who joined Susquehanna International Group in Bala Cynwyd, Pa. where, like at Citi, he trades West power.
Staley, Joe Toussaint, managing director and head of the desk in Houston, and Jonathan Lindenberg, who heads structured finance for the Americas in New York, did not return calls.
