JP Morgan has hired Rio Dhat to lead its distressed trading desk for Europe, the Middle East and Africa covering public credit, according to sources.
Dhat's LinkedIn profile shows he had previously worked for around 10 years at Citigroup in New York and London. In 2023 he was promoted to become head of leveraged trading for EMEA, with that business incorporating the high-yield bond, leveraged loan and distressed trading desks.
Citigroup’s credit trading division, traditionally a calling card of the firm, shrank considerably following steep cuts in resources and a slump in revenues. Its European leveraged loan trading team saw a wave of departures in 2023, which sources said was the bank reconfiguring to focus more on loan portfolio trading and supporting the collateralised loan obligations business. People also left the high-yield bond desk and the Latin American credit trading desk in New York.
Dhat could not be reached for comment. JP Morgan declined to comment.