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Controversial Citi equities MD said to emerge in new credit role

Tim Gately, the former head of US equities sales at Citi was let go in January. Sources say he's just got a new job, but it's not in equities.

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Gately is understood to be joining Japanese bank Mitsubishi UFJ as head of credit trading in New York. 

Mitsubishi UFJ declined to comment.

Gately has a credit trading background. He spent 13 years at Citi after joining from Goldman Sachs, and joined as head of European credit trading before moving into equities. He was head of high yield and distressed debt trading for five years until 2008 at Goldman Sachs and was previously co-head of high yield and distressed trading at JPMorgan in London.

Credit traders had a strong first quarter and Mitsubshi UFJ is understood to have had a gap for a while.

Gately's exit from Citi came after ex-MD Ardith Lindsey claimed that he was close to Citi MD Mani Singh, with whom she says she was in an abusive relationship. Citi denies Lindsey's claims and Gately is not directly accused of wrongdoing in Lindsey's complaint.

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AUTHORSarah Butcher Global Editor

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