Barclays Capital has hired Doug Warren, managing director and senior member of Citigroup's North American credit derivatives team in New York, and seven of his colleagues, just a couple of months before bonuses. Rivals said this was likely a combination of Barclays aggressive hiring and a Citigroup restructuring, which led Warren and his team to decide against waiting for their bonuses. One headhunter estimated Barclays would have paid around USD15 million for the team. Citigroup's correlation book is rumored to make around USD100 million a year. Officials at Barclays and Citigroup declined comment.
Last month Citigroup reshuffled its credit derivatives trading reporting lines to switch responsibility for the group from Sumit Roy to Fred Chapey, head of the global portfolio optimization unit. Roy became the chief operating officer for both global structured credit products and emerging market credit derivatives.
The other members of Warren's team are John Koerner, head of correlation trading, Greg Tell, a director in options trading, and Geoffrey Gentile, Alex Salomon, Alex Rabiner, Tony Trears and Ted Husveth, associates.
