Citigroup Global Markets has transferred Joe Lizzio, co-head of sovereigns, agencies and supranationals trading in New York, to the newly created position of product and sales manager for North American structured credit products. Lizzio reports to Steve Jones, head of global structured credit products, said Danielle Romero, spokeswoman in New York. Neither Lizzio nor Jones returned calls.
The move sounds like a promotion for Lizzio, noted one observer. Sovereigns, agencies and supranationals trading is a fairly commoditized activity compared to structured credit, which is the hot new area, he continued. Lizzio now works alongside Janice Warne, head of global structured bonds and co-head of the global collateralized debt obligation business, and Sumit Roy, head of credit derivatives trading, said Romero.
In May Citigroup combined its global credit derivatives group and global portfolio solutions group, which includes collateralized debt obligations, (DW, 5/4). Jones, who had formerly headed the firm's global loan portfolio management, assumed the global structured credit role at the same time.
