Exclusive-Citi to reshuffle London trading team linked to ‘flash crash’ – sources

Ali Omari, who was EMEA head of Delta One Forwards and Sectors, has left the US bank, said two people with knowledge of his departure, who declined to be named.

Citi is now seeking to appoint a new Head of Forward Trading based at its European headquarters in London, according to a job posting on the professional networking site LinkedIn.

Omari, who could not be reached through Citi’s communications systems, did not respond to an attempt by Reuters to reach him via LinkedIn.

Two of three sources familiar with the matter said the Delta One unit was linked to, but not responsible for, the data-entry blunder that sent the benchmark pan-European STOXX 600 equity index down more than 2 points percentage in about two minutes of trading.

Citi has previously confirmed that one of its employees was behind the error that led to the market crash on May 2, but did not give details on which teams played a role.

A Citi spokesperson declined to comment on the nature and timing of hiring plans at its Delta One operations.

So-called Delta One desks sell structured financial products to sophisticated investors, including pension funds, hedge funds and blue chip companies.

The announcement of changes to the trading unit comes as Citi continues a comprehensive overhaul of its risk management and control systems.

Citi is still subject to at least two consent orders from US regulators over its internal controls after the US Office of the Comptroller of the Currency (OCC) lifted a 10-year-old order in late April.

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