Citi, BofA Boost Prime Brokerage

Jun 2 2009 | 1:09am ET

Prime brokerage is a primary focus at Citigroup and Bank of America, with both firms hiring to expand their businesses.

Citigroup has brought in about 18 new hires to its global prime brokerage unit, The Wall Street Journal reports, while Bank of America Merrill Lynch has plans to hire 40 new employees for its global financing business, which includes prime brokerage and securities lending. Citi currently employs about 300 people in its prime brokerage unit, while Bank of America has 800 members in its global financing business, which covers a greater area that Citi’s group.

While both Citi and Bank of America are relatively small players in the prime brokerage market, both are trying to take advantage of the industry trend toward multiple prime brokerages. Global prime brokerage has been a rare bright spot for embattled Citi, with net revenue from the group rising 45% last year.


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