Terry Benzschawel is a Managing Director in Citigroup’s Institutional Clients Business. Terry heads the Portfolio Analysis and Quantitative Strategies group which develops and implements quantitative tools and strategies for credit market trading and risk management, both for Citi’s clients and for in-house applications. His financial career began in 1988 and has centered on modelling the risk and relative value of cash and synthetic debt of consumers, sovereign nations, and corporations. He began in Chase Manhattan Bank’s North American Finance Group, moved to Citibank’s Credit Card Division, and then to Salomon Brothers Fixed Income Arbitrage Group. In 1998 he moved to Citi’s Institutional Clients business, alternating among quant and strategy roles, while focusing on model-based trading, corporate debt, structured products, credit derivatives, and credit portfolio optimization. In addition to writing Credit Risk Modelling in 2012, Terry contributed to our 2003 book Credit Derivatives by Jon Gregory and is well-known in the industry.