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"Clients are concerned that the big banks are in too many conflicting chairs at once"
Patrik Edsparr, Citadel |
Having built out its high-yield sales and trading business last year, Citadel is now targeting the mortgage, rates and cash equities markets. Patrik Edsparr, former European chief executive for Citadel, now head of investment banking and the securities business, says the firm will continue to hire over 2010 as these businesses expand.
The firm has already hired staff for its mortgages business and will begin trading over the next month. Edsparr says: "Mortgages is an area where the big players withdrew a lot of liquidity, and the pendulum swung to smaller dealers. Now so many of those are being challenged and with consolidation there is an opening for us to move in."
An electronic rates offering will be...
