Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Citi looks for new manager in Delta One unit -sources

Economy May 11, 2022 07:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/File Photo

(This May 10 story has been recast to clarify Omari's departure was unrelated to the flash crash, and corrects headline)

By Sinead Cruise

LONDON (Reuters) - Citigroup (NYSE:C) is looking for a new senior manager within its Delta One operations, a trading unit that sells financial products to sophisticated investors, according to three people familiar with the matter and a job advertisement posted by the bank last week.

So-called Delta One desks target investors such as pension funds, hedge funds and blue chip corporate clients.

Citi is looking to name a new Head of Forward Trading based at its European headquarters in London, a job vacancy posted on professional networking site LinkedIn shows.

The search follows the departure of Ali Omari, who was EMEA Head of Delta One Forwards and Sectors, one of the Delta One units, according to Omari and two sources familiar with the matter.

Citi's broader Delta One operations have been linked to a trading blunder that led to a market flash crash on May 2, the two sources said. But Omari was not involved in the event and his departure was unrelated, according to Omari and the two sources. Omari told Reuters on Tuesday that he was not at work for three weeks prior to the May 2 flash crash, and only returned to the office on May 3 to tender his resignation from the bank before taking up another opportunity.

Reuters was unable to independently verify who was responsible for the flash crash and has no evidence to suggest that Omari played any role in the trading error that caused that event.

A spokesperson for Citi declined to comment on the timing of the hiring plans in its Delta One operations beyond confirming the vacancy.

Two of the sources familiar with the matter said the bank's Delta One trading activities were connected to, although not responsible for, the data input blunder that caused the pan-European STOXX 600 equity benchmark to fall by more than 2 percentage points in around two minutes of trading.

Citi has previously confirmed that one of its employees was behind the error that led to the market fall, but has not given details on which teams played a role. A spokesperson for Citi declined to comment on this again on Wednesday.

Citi has said it is pursuing a revamp of its risk management and controls systems. It is still subject to at least two consent orders by U.S. regulators related to its internal controls after the United States' Office of the Comptroller of the Currency (OCC) lifted a 10-year-old order in late April.

Citi looks for new manager in Delta One unit -sources

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email