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Citigroup Names Boyle as Global Head of Equity Derivatives

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July 25 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank by assets, appointed James Boyle as global head of equity derivatives, replacing Simon Yates who left this month.

Boyle, 44, who’s currently Asia-Pacific head of equity trading, will remain in Hong Kong until he relocates to New York at the end of the year, according to an internal memo obtained by Bloomberg News. Godwin Chellam, a Hong Kong-based spokesman, confirmed the contents of the document.

Citigroup posted better-than-expected trading revenue in the second quarter as sales from equity and fixed-income trading fell 15 percent from a year earlier, dropping less than the New York-based firm predicted two months ago.

Before joining the U.S. bank in 2012 as Asia-Pacific head of derivative trading, Boyle was global head of derivative trading at Bank of America Corp.’s Merrill Lynch unit and head of derivatives at Citadel Securities LLC, the memo showed. Reuters reported his appointment earlier today.

Yates, 43, left Citigroup to join hedge-fund firm Two Sigma Investments LLC in September as chief executive officer of a unit that runs an electronic-trading platform. He was among several top-level executives in equity trading who departed Citigroup this year as Wall Street firms contend with stagnant trading revenue amid low volatility and new regulations.

Michael Pringle, who was head of equity trading, and equity sales chief Adrian Faure also left.

Bank of America’s equities unit earlier lost about half a dozen members including John O’Brien, head of New York derivatives sales, who joined Deutsche Bank AG, two people with knowledge of the matter said in June.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Darren Boey

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