The great guy trying to get a grip on Citi’s markets business

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By all accounts, Andrew Morton, head of the London-based City Markets business, is highly regarded. Former and current colleagues describe him as “one of the greats”, “a very, very good person” and “a very good person”.

But there are suggestions that Morton, who is in his early 60s and one of the most respected veterans of the fixed income business, has to put his cool aside when dealing with complaints about his business.

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After last week Allegation of gender discrimination Morton accuses Citigroup managing director Ardith Lindsey of widespread sexual misconduct Note To ask employees to report harassment when they see it. “One of everyone’s roles in creating a high-quality culture involves stepping in when we see something going wrong,” he told his team.

Citi is denying Lindsey’s claims and plans to defend itself in court. However, Lindsey’s attorney, Jeremiah Ladevaya, said Morton’s memo doesn’t get to the bottom of the bank’s problems, adding that when women report issues, Citi doesn’t always act on them. “The City did not act decisively when it was presented with clear and convincing evidence of unacceptable and malicious behavior by the Managing Director of the City, Mani Singh,” Ladevaya said. – Lindsey receives a series of malicious texts from Singh, with whom she was having an affair. Despite Citi investigating and, Lindsay claims, declaring Singh’s behavior “criminal”, it kept him for two weeks and allowed him to resign. Citi’s head of US equity, Tim Gately, reportedly gave a farewell speech to 150 colleagues, telling them how sad they were to see Singh go. Lindsey said Singh’s behavior was not later reported by the bank to the regulator.

Citi Singh would not comment on whether he would leave his bonus intact, but bank insiders said Morton was keen to make a change. “We are disappointed and shocked,” said one male employee at the marketing business, who spoke on condition of anonymity in connection with Lindsay’s case. “All this makes you wonder what’s more Respect And people have been doing it here.”

Having cut his teeth in Lehman’s fixed income business, Morton is no stranger to the rough and tumble of the trading floor. Yet, he also has an academically cerebral air. Morton began his career in mathematical finance and co-wrote the HJM interest rate model. Writing ten years ago, Financial news He described him as ‘lacking hubris,’ ‘relaxed’ and ‘participating.’ “At heart I’m a big banker,” Morton told them.

Morton is also a survivor, and he seems to be a favorite of Citi CEO Jane Fraser. He was employed by numerical rates Merchant as if Paco firedThe former head of Citi’s institutional clients group (investment banking) retired last August. For a time, Morton ran markets with New York-based MD of credit marketing Keri Laithrop, but Laithrop also left over the summer. So Morton is the last man.

City’s restructuring looks like an opportunity to shake things up in Morton’s new empire. As a bank He clears himself of the collective head. Even before the restructuring begins, the group is shedding staff. City insiders indicate that it will soon be quiet Pedro Goldbaum, Global Associate Head of Pricing. CT did not comment on the motive. Goldbaum’s outlet. Lorenzo Lechesi, head of EMEA equity derivatives, quietly left the London business in August and is now working as head of European sales for Swiss fintech Leontech.

There are some amazing women in the Morton business. In the year Deid Dunn, who has been there since 2011 and is the head of international sales in the US, has also been described as a “star” by those who know her. Lindsay Dunn said he was one of the first people she complained about when she received texts from Singh, but Citi still couldn’t immediately “terminate” Singh’s employment.

As usual, a Sales and marketing Business, many of Morton’s other reports are men, and some are. Cited in the Lindsey lawsuit. Whether Lindsey’s complaint is true or not, bankers say they are looking to Morton to take the helm. “He’s a very interesting person,” says one, “but he needs to look at these allegations properly and make sure things are investigated when there are concerns. Everyone will be surprised by the content of this claim.”

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