Citi hires Deutsche quants

He will join his former deputy at Deutsche, Andrew Jacobs, who resigned from the German bank on July 31 and will join Citi as a quantitative strategist in September.

Filling out

Stephen Reiter, global head of FX options at Citi in London, said: "We're filling out the team to give us the best possible suite of products to offer our customers. Exotic options are a key part of our business and key to our leadership in FX options."

McGhee and Jacobs, who together ran the quantitative analysis unit at Deutsche Bank, are the latest to exit the bank's FX options team in London. They follow the departures of Andrew Simon and Matt Desselberger in the past few weeks. Simon has since joined Lehman Brothers as global head of FX options marketing (FX Week, May 5), while Desselberger joins HSBC this month as global head of FX options.

Deutsche Bank said last week it has replaced both those positions. Former Barclays Capital dealer Jenny Gauge has replaced Simon, looking at hedge fund sales (FX Week, July 7), while Marc Badrichani, formerly of Credit Agricole Lazard Financial Products, replaced Desselberger in July as head of corporate structuring for Europe (FX Week, July 7).

Top earners

Along with UBS, Deutsche Bank is one of Citigroup's biggest challengers to its title as top-earning FX bank. In 2002, Deutsche Bank's FX revenues were E1.226 billion ($1.285 billion), compared to Sfr1.864 billion ($1.316 billion) for UBS and $1.783 billion for Citigroup respectively.

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