Citi’s Euro CDO Team To Take Lighter Layoff Hit

Citigroup’s European collateralized debt obligation team is set to avoid the worst of the rumored staff cuts facing the firm’s 70-strong global CDO effort.

  • 20 Nov 2007
Email a colleague
Request a PDF

—Hugh Leask

Citigroup’s European collateralized debt obligation team is set to avoid the worst of the rumored staff cuts facing the firm’s 70-strong global CDO effort.

Officials at Citi in London declined to comment on any possible layoffs, understood to be earmarked for both the U.S. and London CDO divisions before the end of the year. But one market official in London said the firm’s 15-strong European team may see between two and five heads cut, with the majority of exits likely to be in the U.S., where the desk has around 45 people. The subprime chaos has hit CDOs of ABS in the U.S. hard, and that market has declined, he added. “[Meanwhile] Europe’s CDO business is essentially CLOs, which are still doing okay. They’re still around,” the official said. “The majority of the cuts will be in the U.S., and there may be a couple in Europe.”

The source added: “Without a doubt Citi will realign its business globally. Nothing’s been decided yet, but they'll hash it out between now and the end of the year. But every firm will be doing this.”

  • 20 Nov 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,723.52 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.82%
5 Credit Suisse 69,442.99 183 6.57%