Citigroup has combined its European equity cash and derivatives trading. Andrew Crane, previously head of equity derivatives trading for Europe in London, now oversees all equity products, including cash and convertibles. One official said as cash equities continue to under-perform, banks are looking to push high-margin derivatives products alongside their cash trading business. Crane referred calls to Jeremy Hughes, spokesman for Citi in London, who confirmed the move but declined further comment.
Traders inside and outside Citi said Crane is smart and well-liked, which should help him wade through the politics of merging the groups. Citi watchers said the U.S. house is also planning to make substantial changes to its equity structuring and marketing business, but these plans have not yet been announced. Richard Burns, co-head of equity derivatives previously with Andrew Crane, is also expected to be promoted in the reorganization. The head of cash equities could not be determined by press time.
ABN AMRO combined its equities trading effort in December under Frank McKirgan, head of cash equities trading (DW, 12/3). Equity cash and derivatives are also combined at Morgan Stanley and Goldman Sachs.
