March 30 (Bloomberg) -- Deutsche Bank AG hired former Citigroup Inc. managing director Jonathan Simon as Derek Bandeen, Citigroup’s equities head, overhauls the unit to halt a revenue slide, two people with knowledge of the move said.
Simon resigned from New York-based Citigroup this week and will join Deutsche Bank, the biggest bank in Europe, as a managing director in equity-derivative sales, according to the people, who asked not to be named because the move hasn’t been publicly announced. He will start working for Deutsche Bank in about three months, one of the people said.
Citigroup has said the equity-derivatives business is partly to blame for a plunge of more than 70 percent in equity-trading revenue for both the third and fourth quarters of 2011. Bandeen promoted Daniel Keegan and Simon Yates to new global roles this month and hired ex-Citadel LLC executive James Boyle to head equity derivatives in Asia.
Simon will report to Ted Wasserman, Deutsche Bank’s head of New York flow equity-derivative sales, and will cover hedge funds and asset managers, according to one of the people. Equity derivatives are contracts whose values are based on underlying securities, such as common stock.
Simon joined Citigroup, the third-biggest U.S. bank, in 2004 from Lehman Brothers Holdings Inc. after working for Credit Suisse Group AG and Morgan Stanley, the person said.
Scott Helfman, a spokesman for Citigroup, declined to comment on the move. Renee Calabro, a spokeswoman for Frankfurt-based Deutsche Bank, also declined to comment. Simon didn’t immediately respond to e-mail messages.
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