Ex-Deutsche’s Raynes to head Citigroup’s structured credit division

Citigroup has appointed Michael Raynes as head of its global structured credit products division in New York. He joins from Deutsche Bank, where he spent six years, most recently as head of the global CDO group and co-head of the global securitised products group.

Raynes takes over from former head Steven Jones, who retired earlier this year. In his new role he will be responsible for primary and secondary market activities in both cash and synthetic structured credit products, and will report locally to Chad Leat, head of global credit markets.The move comes after a reorganisation of the management structure of Deutsche’s CDO desk last year, which followed an exodus of senior staff to JP Morgan. According to a spokesperson, Raynes will be on gardening leave from Deutsche for the next 60 days before he is allowed to take up the post.