One of Citi’s most senior credit salespeople is understood to be leaving for Bank of America.
Sources say that Chris Totman, head of North American credit sales at Citi is resigning to join Bank of America.
Citi declined to comment. Neither BofA, nor Totman responded to a request to comment.
Totman had been at Citi since graduating from Columbia University in 2002. He was previously head of high yield sales for the bank.
Bank of America has been in need of some new credit salespeople since its former New York-based co-heads of FIC sales left. Greg Driscoll left in February this year and Danielle Pluthero left last July.
Totman represents a major recruit for Bank of America, which is on a hypothetical hiring freeze right now, but has already been seen making exceptions to hire traders in Paris.
Last year was a better year for macro traders than for credit traders, but with credit spreads widening and credit conditions tightening amidst fears of defaults, opportunities for credit traders are increasing.
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