Citigroup has hired a new US head of electronic cash trading, filling a key hole from a structural reorganization the bank’s equities division underwent in March.
Dmitry Bulkin, formerly the head of liquidity strategy and market structure for US equity trading at Credit Suisse, is joining Citi as the head of electronic cash trading in the Americas, according to people familiar with the matter.
A Citigroup spokesman declined to comment.
The addition of Bulkin, who spent nearly 15 years at Credit Suisse before departing in February, will fill the vacancy left by Young Kang. Kang, the previous head of electronic cash trading in the US, and Citi mutually agreed to part ways in March amid the division’s reorganization.
The equities shakeup earlier this year was part of an effort by the bank to better integrate its cash, electronic, and central risk strategies.
After Armando Diaz, formerly the global head of cash trading, left the firm in early March, Peter Lambrakis was tapped to help spearhead the reorg effort as the global head of electronic cash and central risk.
Citi has been investing heavily in its equities business in recent years in an effort to break into the top five and compete with Morgan Stanley, Goldman Sachs and JPMorgan. The bank posted a 38% gain in equities revenue in the first quarter, and CEO Michael Corbat said at a conference this week the division is “starting to hit its stride.” During that period, Citi surpassed $1 billion in quarterly equities revenue for the first time since 2015.
While at Credit Suisse, Bulkin developed algorithmic products and managed relationships with the Swiss bank’s liquidity providers and partners, according to an interview with Markets Media.
Bulkin is expected to start in June and report to Lambrakis and Tim Gately, Citi’s US head of equities.
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