This is what Citi's 69 new markets MDs actually do

efinancialcareers.com:

As we noted earlier, Citi's 2024 managing director (MD) class is one of its biggest ever. And yet, some aspiring Citi MDs have fared better than others. Citi's London-based investment bankers appear to have been favoured over their US colleagues. But it's Citi's markets professionals who've done best of all. 

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Shown below, this year's managing director list for markets contains 69 people. This is 72% more than the40 markets professionals the bank promoted in 2023.  

Why has Citi been so generous with its promotions? Sources inside the bank point to the stripping out of historic Citi managing directors at the start of this year during the Bora Bora restructuring as the possible source of its renewed enthusiasm. The bank's equities salespeople and traders also had a particularly strong third quarter, which helps explain the presence of equities loyalists like Warren Parker, the CAO of EMEA equities, on the list. 

And yet, compared to rivals at some other banks, Citi's salespeople and traders haven't done that well this year. BCG Expand, a division of consulting firm BCG which provides comparative performance figures, says Citi's markets division lost 120 basis of market share on its global index in the first nine months of this year. Performance looks particularly weak in credit sales and trading, where 400 basis points of share were lost, compared to an increase of 420 basis points at Deutsche Bank. 

What went wrong? BCG Expand suggests the share loss was less critical than it seems. Citi has been derisking its balance sheet and pulling back from areas like emerging markets trading. The new trading business is intentionally more focused than the old one. Maybe Citi