Citigroup has a key vacancy to fill in its European Corporate Bond Syndicate, following the departure of longtime executive, Sarwat Faruqi, who recently parted ways with the lender, according to a recent Reuters report.
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Ms. Faruqi had been a part of Citigroup’s executive team for the past two decades, having been involved with a variety of the group’s operations, all based out of London. She originally joined the lender back in 1996 as a Middle Office Risk Manager, which paved the way for a role as Citigroup’s Corporate Syndicate Manager in 1998, a role she held for almost five years.
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Additionally, she worked as a Eurobond Trader before eventually being promoted to the Head of Corporate Syndicate and Managing Director in 2005, according to information made public on her Linkedin profile. Since then she has been active in this role, serving as an integral component of the bond syndicate at Citigroup.
The decision to part ways with the lender snaps a career that has spanned over twenty years – it is presently uncertain who will immediately replace Faruqi, who had been reporting to Peter Charles, Head of Europe, Middle East, and Africa (EMEA) Fixed Income Syndicate at Citigroup.
The departure is the first marquee move at Citigroup since the lender announced plans to jettison upwards of 70 sales personnel last month in London. The decision came during a period when operating costs have been soaring and lower trade revenues have afflicted balance sheets.