Citigroup’s $300 Million Windfall Spotlights Swap Dispute
Competition in the interest-rate swaps market is a point of contention.
This article is for subscribers only.
Some Citigroup interest-rate traders are in line for some handsome bonuses this year.
A team of U.S. dollar interest-rate swaps traders generated about $300 million of revenue for the New York bank this year, Bloomberg’s Dakin Campbell reported on Thursday. The bank’s whole interest-rate group generated more than $800 million. That’s a remarkable amount when banks are increasingly just matching buyers and sellers rather than making big bets with their own money.