Mitsubishi UFJ Financial Group has hired hedge-fund executive John Karabelas to run fixed-income sales in the Americas.
Karabelas, a 25-year vet with long stints at Deutsche Bank and BNP Paribas, will join as head of Institutional Investor Sales in the Americas in January.
His hire is the latest in a string of senior management changes in the Japanese bank’s US credit sales business.
Mitsubishi UFJ Financial Group has hired a hedge-fund executive to run credit sales as it continues to shake up its fixed income business in the US.
John Karabelas, president of the credit hedge-fund Kildonan Castle Asset Management, will join MUFG in January as the head of Institutional Investor Sales in the Americas, a bank spokeswoman confirmed.
Karabelas is a 25-year industry vet who spent 15 years in credit sales at Deutsche Bank before leaving in 2010 to run North American credit sales at BNP Paribas. He left BNP for Kildonan in 2017.
He’ll report to Bill Mansfield, CEO of MUFG Securities Americas, and Paul Lavelle, global head of Institutional Investor Sales at MUFG.
“MUFG is committed to building the momentum we’ve already established across our institutional investor client base, and John’s depth and breadth of experience will be a natural fit into
Source:: Businessinsider – Finance
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Citigroup is facing $180 million in losses on loans gone sour to an Asian hedge fund, according to Bloomberg.
The fund reportedly got battered on foreign-exchange bets that went sideways.
The bank’s board is reviewing the issue and has already moved to shake up the unit responsible, and a key executive has left the firm after more than 20 years.
Citigroup is reportedly staring down losses of as much as $180 million on loans to an Asian hedge fund after the fund’s foreign-exchange trades went sideways.
The situation is fluid, but Citi’s board is grappling with the substantial losses and is already shaking up the unit responsible, according to a report from Bloomberg.
Citi’s FX prime brokerage unit — which lends to hedge funds — will be pulled from the currency trading division and put instead under its prime finance and securities services division, according to the report.
Sanjay Madgavkar, a more than two-decade veteran of Citigroup who was head of the FX prime brokerage unit, is leaving the firm. He’s being replaced by Chris Perkins, currently the head of over-the-counter clearing.
CFO John Gerspach revealed earlier this month that the bank’s markets revenues had taken a hit in the
Source:: Businessinsider – Finance