The former managing director for Citigroup Inc. (NYSE:C) Jonathan Simon was hired Deutsche Bank (NYSE:DB) as a director for equity-derived sales. Although this news has yet to be announced to the public, he is said to officially start his new job in about three months.
Simon voluntarily left his position with Citigroup earlier this week. He worked for various financial institutions including Lehman Brothers Holdings (PINK:LEHMQ), Credit Suisse Group AG (NYSE:CS), and Morgan Stanley (NYSE:MS). He joined Citigroup back in 2004.
Further reports indicate that Simon will work under the leadership of Ted Wasserman, the head of Deutsche Bank's New York division of equity-derived sales. His new job will involve covering asset managers and hedge funds. Neither representative for Citigroup or Deutsche Bank offered to comment.
Deutsche Bank is based out of Frankfurt, Hesse, Germany. They offer financial services to clients(both business and indivdual) all over the world including Europe, North America, and Asia. They also have offices in the following key cities such as New York City, Paris, London, Toronto, Sydney, Amsterdam, and many more. DB was first found in Berlin back in 1870 and they specialized in world trade.
Citigroup is a North American based financial institution. Back in 1812, City Bank first opened their doors in New York City. Decades later in 1865, they joined the United States' nationwide banking system and changed their name to The National City Bank of New York. Over long periods of time, the bank continuously changed their name before settling on the much simpler to remember Citibank in 1976. Twenty-two years later, they merged with Travelers Group and formed Citigroup.
There is no word why Jonathan Simon voluntarily left Citigroup. We know that his former employer has previously stated that they blame equity-derived businesses for the large decrease(which is roughly over the rate of seventy percent) of equity-trading during the last two quarters of 2011.