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Citigroup Hires For Credit Trading

Citigroup's credit trading team in London has hired a half dozen traders in recent weeks, according to James Higgins, head of European credit trading.

Citigroup's credit trading team in London has hired a half dozen traders in recent weeks, according to James Higgins, head of European credit trading. Four have started over the past few weeks and two more will start shortly. "We're growing the business," said Higgins, who declined further comment on Citigroup's strategy. All of the new hires report to Higgins.

Greg Sadler, senior investment-grade credit trader at Morgan Stanley in London, joins as director and head of the financials trading team. He replaces Ian Roman, who has moved into a sales role at Citigroup in London. Christophe Denoux, financials trader on the cash and credit derivatives desk at BNP Paribas in London, has started in a new position as a v.p., also to trade financials.

Alan Pierce, who traded telecommunications, media and technology bonds at Deutsche Bank in London, has joined as an associate in the same role. He replaces Ed Bayliss, who transferred to Citigroup in New York. And Sang Min moved into a newly created spot as a v.p. in European high-yield trading from Citigroup's liability management group in London.

In his previous position, Sadler reported to David Cohen and Annabel Littlewood, co-heads of investment grade credit trading at Morgan Stanley, where firm officials declined comment. At BNP Paribas, Denoux reported to Pierre Mathieu, head of credit; Mathieu did not return calls. Pierce reported toAntonio Diflumeri, head of European credit and credit derivatives trading at Deutsche Bank; Diflumeri said Pierce will be replaced internally.

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