Wednesday, 26 October 2016
Last updated 17 hours ago
Dec 9 2011 | 11:43am ET
A group of Citigroup hybrid traders are in talks to join a hedge fund after the bank imposed cutbacks on the team linked to a $383 million lawsuit filed by a Saudi Arabian family.
Citi's former head of hybrid trading, Samir Mathur, is leading a six-strong team leaving the bank. Mathur is currently in talks with a hedge fund about bringing the team on, Bloomberg News reports.
The cuts in hybrid trading are part of Citi's plan to slash 4,500 jobs globally, including 900 in trading and investment banking.
Mathur's team focuses on hybrid derivatives. One such deal, on behalf of Saudi investor Ghazi Abbar, turned sour, losing almost all of Abbar's family fortune and leading to an arbitration claim against Citi.
In addition to Mathur, the traders leaving Citi are Sean Corrigan, Vivek Kapoor, Eric Kim, Allison Niiya and Yontcho Valtchev.