Citigroup has combined its emerging markets credit derivatives operations, which have traditionally operated separately within the group's corporate and investment bank and Citigroup International. Sumit Roy, global head of credit derivatives in New York, will head the new group in addition to his existing responsibilities. There will not be other management changes, according to Roy. Citigroup International is a separate division within Citigroup, which works across all products areas on a global basis.
The firm combined the two groups under the banner Emerging Markets Credit Derivatives (EMCD) in order to cancel any overlap, explained Roy. Ranjan Patwardhan and Soroosh Shambayati, both managing directors in London, will co-head the joint venture, reporting to Roy. Patwardhan takes the position from Citibank International, with Shambayati having worked within Citigroup's corporate and investment bank.
Roy will report to Suneel Bakhshi in emerging market sales and trading, and to Geoff Coley and Richard Moore in global fixed income for his EMCD responsibilities.
