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Citigroup Names Wikstrom for Rates Trading as Brophy Resigns

April 3 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank, said Nicholas Brophy, U.S. head of interest-rates trading, left the firm.

Roland Wikstrom will replace Brophy as U.S. head of G-10 rates trading after serving as that unit’s head of risk treasury, said Danielle Romero-Apsilos, a spokeswoman for the New York-based company. Brophy left the firm for personal reasons, he said in a phone interview.

Brophy’s departure ends a four-year tenure with Citigroup, during which he was one of the lender’s most senior rates-trading executives. The rates business, run from London by Andy Morton, buys and sells products including Treasuries, inflation-protected bonds and interest-rate swaps.

“I’m going to live life, enjoy it and spend time with my kids,” Brophy said. “I’m very sad to leave the bank, but it was my decision. I leave behind a great franchise and a great successor.”

Brophy also wants to do more work with the Worldwide Orphans Foundation, where he has been a director since 2011, he said. The charity works to “transform the lives of orphaned children to help them become healthy, independent, productive members of their communities,” according to its website.

He joined Citigroup in 2009, shortly after the lender’s $45 billion government bailout. He previously worked for Merrill Lynch & Co., including roles as head of options-trading, derivatives-trading and co-head of rates trading, according to a biography on the Worldwide Orphans’ website.

Brophy also worked briefly at the Federal Reserve Bank of New York, where his duties included working on the fallout from the rescue of American International Group Inc., he said.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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