Citi names new subprime head

Richard Stuckey, currently head of finance, G10 risk treasury and relative value at the bank, was previously head of risk management. Working for him in the subprime portfolio group will be Mark Tsesarsky, now head of special situations securitisation, who will be responsible for risk management.

Citi has a total of $54.7 billion exposure to US subprime loans, it announced on Friday, of which $11.7 billion is held in its lending and structuring business. The remaining $43 billion, which Stuckey will manage, consists of exposure to super senior tranches of collateralised debt obligations based on asset-backed securities. Of that, $25 billion is commercial paper secured by the tranches, and $18 billion is the tranches themselves. Citi said the positions would be managed separately from its fixed income, credit and commodity business.

Citi added that it would review its credit businesses in the coming weeks.

See also:Change at top as Citi sees writedowns
$30bn capital hole hits Citi stock price as credit chiefs fired

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here