Citi: Rates business takes its natural place

“Thankfully, the Citi brand is very strong because this is a tough market to be an entrant. At least we didn’t have clients say, ‘so you’re Citi, who are you?’ It was more a case of, ‘So, Citi, where on earth have you been?’” Andrew Morton, Citi

Andrew Morton’s first year at Citi has passed in a frenzied effort to hire new talent to build businesses that were surprisingly weak there. By focusing so much on credit and structured credit, as well as accumulating a store of toxic waste, the bank risked missing out in the suddenly profitable G10 rates business.