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Citi's new global head of STIRT trading is calling for a wealth tax

If you want to become rich, Citigroup's short term interest rate trading (STIRT) desk is a good place to start. It was here that Gary Stevenson, the Citi trader who retired aged 27 in 2014, worked. It was here that Stevenson made $2m+ in bonuses and here that Stevenson now says he had a revelation that he was surrounded by multimillionaires who'd hoarded the wealth and left the rest of society in a state of impoverishment.

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It's a viewpoint that Citi's new head of STIRT trading might not disagree with. Stevenson is a member of "Millionaires for Humanity," so is Akshay Singal, who was promoted to run Citi's STIRT desk earlier this month.

Citi didn't respond to a request to comment on Singal's new role or on his calls for higher taxation. On the Millionaires for Humanity website, Singal, who's worked for Citi since 2008, says he's seen, "disproportionate wealth inequality, not only in the West but across the world," and that a wealth tax is the best way to prevent the inequality from growing. "There is more and more support for it, especially from wealth-owners who can clearly see the negative impact of inequality on society as a whole," he adds. 

Those wealth owners almost certainly include some of the people Singal manages on the STIRT desk. Citi sources say that one of the desk's biggest earners in the post-Stevenson era is Charan Dhinsa, a STIRT trader who's worked at Citi since 2008 and who, like Stevenson, graduated with a first class degree from the London School of Economics. Also like Stevenson, Dhinsa has been trading the euro book. By apparent virtue of his profitability, Dhinsa was promoted to managing director (MD) in 2020. Singal, who was previously the EMEA head of STIRT managed Dhinsa for two years while only being a director himself. 

 

 

Citi's former global head of STIRT trading, Marcus Satha, left in January to focus on a children's book charity he founded. 

 

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AUTHORSarah Butcher Global Editor
  • Ra
    Rascal
    20 March 2024

    Congratulations to Gary on his success and I'd recommend he give away 90% of his wealth as soon as possible. This would help assuage the guilt from his "revelation".


    There are some taxpayers who believe they can spend their money, even for altruistic purposes, more effectively than our government. (speaking of the USA; other governments may be paragons of efficiency)

  • Mr
    Mr Fred
    20 March 2024

    So what is Marcus Satha saying? AI generates more coherent stories than this. I agree with Gary as I know his story. But Marcus..?

  • En
    EnglishOvals
    19 March 2024

    The article never clarifies precisely how a "wealth tax" would be implemented, but if it's in the same vein as all the other proposals I've seen heretofore, it will assuredly involve taxing unrealized gains kwhich only a mathematical idiot would propose). Here's to diversity hires and their "obvious" over-qualification!

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