Prime move for Citi’s head of European rates sales

Pauwels will lead bank’s North American prime business, after a decade in rates

Cedric Pauwels joined Citi from Lehman Brothers in 2008

Citi’s veteran head of European interest rate sales, Cedric Pauwels, has been appointed to run the bank’s prime, futures and securities services (PFSS) business for North America, kicking off other internal moves for Citi.

The appointment was announced in an internal memo, seen by Risk.net.

Rates has been one of Citi’s successes in recent years, with the bank cementing its position as a top-tier rival to JP Morgan and Goldman Sachs. In his new role, Pauwels will be leading a business that has