Citi Gives Managing Director Title to More Dealmakers, TradersBy
Total of 178 employees promoted to highest rank at N.Y. bank
Two-thirds of new MDs are in the institutional-clients group
Citigroup Inc. promoted a larger share of employees from its institutional-clients group to the company’s highest rank, a sign of the growing importance of the firm’s trading and investment-banking operations.
Two-thirds of the 178 employees named managing director this year work in the ICG division, compared with 60 percent in 2016, according to Danielle Romero-Apsilos, a spokeswoman for the New York-based bank. The total number of new managing directors declined 5.8 percent from the previous year.
Citigroup names a new class of managing directors every December. The title, the most senior at the bank, takes effect Jan. 1 and brings with it higher pay and other perks. Goldman Sachs Group Inc. named its biannual class of managing directors last month, bestowing the title on 509 employees. At Goldman Sachs, managing directors rank below partners in the firm’s hierarchy.
“A promotion to managing director is a career-defining accomplishment and each of these individuals makes a remarkable, differentiated contribution to Citi, fulfills our leadership standards and embodies our mission of progress,” Jamie Forese, Citigroup’s president and head of ICG, said in a Dec. 8 memo.
Of the 120 ICG workers promoted, 55 are in the markets and securities-services business, which includes trading and hedge-fund services operations. Another 33 work in the corporate and investment-banking unit, with an additional seven in capital-markets origination. The private bank named 13 people to managing director.
The typical Citigroup managing director in the U.S. earns a salary of $306,000, according to jobs website Glassdoor, which bases the estimate on self-reported figures and statistical models. Bonuses push the figure for total compensation to $640,000.
Among those promoted was Jia Chen, a trader who has spent the past two years becoming the face of the market for synthetic CDOs -- complex derivatives that let buyers make big, leveraged bets on the health of corporate America. Her efforts propelled the bank to the top of the market for the securities, which are back in vogue after years of rock-bottom interest rates have pushed investors toward riskier products.
Chen was one of 28 women in ICG named managing director, or 24 percent of the total. That’s up from 21 percent last year.
Here are the ICG employees named to MD:
David Ji Um
Hsiao Chi Wang
Marina Donskaya Bronstein
Omar El Glaoui
Pablo Del Valle
Patti Guerra Heh
Sonali Das Theisen