Citigroup has announced that Amit Raja was promoted to become Head of EMEA credit markets trading, in addition to his current responsibilities as head of European leveraged trading. He begins in his new role immediately, according to a recent Reuters report. He replaces David Cohen, who recently retired.
Amit Raja will oversee high-yield trading in Europe, the Middle East and Africa after another trading executive left last year.
In his new role, he will be charged with the responsibility for all credit trading businesses in the region, a role most recently held by David Cohen, who left the bank after six years. Raja’s new tasks include commercial paper, investment grade, high yield, loans, distressed, EM credit, structured credit and credit opportunities, according to the memo.
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To ensure continuity, Cohen continued to manage the investment-grade trading desk until the end of June, and was involved in the succession process.
Raja spent the past two decades with Citi, according to the UK’s Financial Services Register. He will report to Carey Lathrop and Mickey Bhatia from a product perspective and Leo Arduini from a regional perspective.
The bank’s trading business, like those of rival firms, enjoyed a strong start to 2017.
Citigroup’s recent results for the three months up to March 31 showed a big jump in fixed income sales and trading revenues, which doubled from a year earlier to $3.1 billion, second only to JPMorgan Chase & Co. among the largest banks.