Citigroup Hires Former Credit Suisse Executive (C, CS)

Citigroup C has announced the appointment of Simon Yates as its new head of equity derivative sales and trading for the Americas. Simon Yates earlier worked as co-head of European equities for Credit Suisse Group CS. The position has been newly created by Citi (C ) to focus on the derivatives business. The appointment will be effective from June 7. Richard Barlett, head of equity sales and trading business for the Americas, said that Mr. Yates is the perfect fit for the position. According to the Wall Street Journal, the appointment comes at a time when lawmakers are holding derivatives businesses responsible for the economic meltdown. Regulators are now looking to put more curbs on derivatives trading.