Citi made another senior JPMorgan hire, but not in its investment bank
As we mentioned earlier this week, the flow of talent between JPMorgan and Citi may soon pick up in either direction, due in no small part to Citi's investment banking head Vis Raghavan hoping to bring in trusted colleagues from his former employer. The latest person to make the switch, however, will be working in Andy Sieg's wealth division.
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Francis Mulvey has joined Citi Wealth's investment solutions team as its Americas head of fixed income. He reports to Emily Wasco, head of fixed income across Citi Wealth. He spent the last three years at JPMorgan as a hybrid capital trader and officially joined Citi on May 11th.
Prior to JPMorgan (his second stint at the bank), Mulvey got around. He was an executive director at broker-dealer StoneX, a portfolio manager at hedge fund Exoduspoint, and was previously head of US credit trading at SocGen.
Andy Sieg said at Citi's investor day earlier this month that, under his rule, the headcount at Citi Wealth has shrunk roughly 20%. It's looking to hire now though; Sieg said Citi Wealth is hiring ~500 specialist hires, including 100 private bankers. The focus is Asia which is the team's "fastest growing" and "most productive" area.
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