citi-downsizes-bond-syndication-desk

Citi downsizes bond syndication desk

Asia's syndicate bankers were surprised by the news this week that John Lefevre, a key figure in the region's bond syndication activities, has left Citi's desk.
In a move by Citi to redeploy staff, John Lefevre, who has worked at the firmÆs Asian bond syndicate desk since 2004, has been relieved of his duties. The news comes just prior to Citi's earnings announcement due today which is expected to detail fresh cost-cutting initiatives.

Citi has been one of the worst-hit casualties of the subprime turmoil, along with Merrill Lynch who early this morning reported its intention to cut 4,000 jobs after revealing a $1.97 billion loss in the first quarter. This compares with a $2.03 billion profit in the same period last year.

Lefevre, who handled dollar and euro bond issuance with Citi's head of syndicate Paul Au in Hong Kong,...
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