Bank of America hired one of Citi's senior credit structurers
Bank of America has been shaking up its European fixed income business under its Brians, but it's also been hiring.
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Neeraj Mathad, who latterly held the long and niche title of 'head of EMEA spread products and APAC frontier structuring' at Citi according to his LinkedIn profile, has jettisoned that job and joined Bank of America in London instead.
At BofA, Mathad's job title will be «senior structurer director global FICC,» which sounds less impressive than his role at Citi, but may imply that he's now swimming in a larger structuring pond.
Mathad was six years at Citi and eight years at Deutsche Bank. For a brief moment he was in Singapore with Citi before returning to London.
BofA's fixed income sales and trading business has had a challenging year. Revenues were up a mere 0.8% in the first quarter and Tricumen thinks it's underperformed the market. Citi, however, has had an even worse year: fixed income trading revenues there were down 7% year-on-year in the first nine months. Mathad is possibly escaping a squeezed bonus pool.
Bank of America recently reorganized its European fixed income business. EMEA credit trading is being run by Brian Weinstein, who was previously the co-head of credit trading globally, but is now just the head of credit trading for EMEA, along with all other trading activities in London.
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