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Citi looks for new manager in Delta One unit -sources -Breaking

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© Reuters. FILE PHOTO – A view from the Citibank Corporate Headquarters in New York City, New York. U.S. May 20, 2015. REUTERS/Mike Segar/File Photo

This May 10, story was recast in order to make clear that Omari’s departure from the flash crash is unrelated.

By Sinead Cruise

LONDON (Reuters). Citigroup According to three sources, the bank is seeking a senior manager to oversee its Delta One trading operations. This unit sells sophisticated investors financial products.

The so-called Delta One desks are designed to target blue chip corporate clients, pension funds, and hedge funds.

Citi wants to hire a Head of Forward Trading at its European Headquarters in London. This job posting was posted by LinkedIn.

Omari and two sources close to the situation say that the search was prompted by Ali Omari’s departure from EMEA Head, Delta One Forwards and Sectors. Omari and Omari are the only people who know the truth about the matter.

Two sources claim that Citi’s larger Delta One operations are linked to a trading error that caused a flash crash in the market on May 2. Omari wasn’t involved in this event, and Omari left unrelated to it according to Omari. Omari stated to Reuters that he wasn’t at work for the three weeks preceding the May 2 flash crashes and returned to work on May 3, to give his resignation to the bank, before taking up another job.

Reuters couldn’t independently determine who caused flash crashes and had no evidence suggesting that Omari participated in trading mistakes that contributed to the event.

Citi spokesmen declined to discuss the details of Citi’s hiring plans for its Delta One operations, other than confirming that the job was vacant.

According to two sources, the source said that Delta One’s trading activities in the bank’s Delta One were related to but not responsible for the pan European equity benchmark falling by over 2 percentage points within the first minute of trading.

Citi confirmed previously that one of its employees caused the market crash, but did not give details as to which teams. Citi spokespeople declined to speak on Wednesday.

Citi said that they are working to improve their risk management and control systems. After the U.S. Office of the Comptroller of the Currency (OCC), lifted an order that had been in place for 10 years, Citi is still subjected to two consent orders.

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