Citigroup Inc.’s Ish McLaughlin, head of flow credit sales for North America, has been named to run investor sales in the region, replacing John Gallo, who left last month.
McLaughlin assumes the role immediately, according to a memo to employees Wednesday. McLaughlin will report to Suni Harford, head of markets for the region, and Jim O’Donnell, global sales head. Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup, confirmed the contents of the memo from Harford, O’Donnell and credit-markets chief Carey Lathrop.
Flow credit sales typically refers to fulfilling client orders to buy or sell plain-vanilla corporate bonds using relatively little bank capital, while investor sales is the business of serving investors such as hedge funds, mutual funds and other buy-side clients.
McLaughlin began his Wall Street career in 1995 as a trainee at Salomon Brothers Inc., which was bought two years later by Citigroup predecessor Travelers Group Inc. He led sales of newly issued asset-backed securities from 2000 to 2005, and added investment-grade corporate bonds in 2005. He assumed oversight of the firm’s special-asset pool, a collection of its most toxic assets, in 2010 before being named to run flow credit sales.
Separately, the bank appointed Jodi Schenck to head G-10 FX Corporate Sales for North America, a newly created position, according to a memo from James Bindler, head of foreign exchange for the Group of 10 nations, and Bernard Sinniah, global head of corporate sales for G-10 foreign exchange. Scott Helfman, a bank spokesman, confirmed that memo’s contents.
Schenck will oversee Jim Sperzel, who manages national corporate sales, Janice Martin, head of the New York corporate sales team, and Margo Pilic, who heads the newly created global InstantFX team, according to the memo. The changes also include folding of the global eSolutions group and FX Risk Management solutions into the sales organization, according to the memo.