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Former JPMorgan Chief Information Office (CIO) head trader David Olson, who left the firm just five months before its $2 billion losses became public, is now a fixture at Citigroup’s Bond Trading Unit, Bloomberg News reports.We’ve covered Olson before, when the trader went public with his thoughts on JP Morgan’s risk strategies, telling Bloomberg that JPMorgan CEO Jamie Dimon wanted to move the bank in a profitable direction, at the expense of increased risk.
For Citigroup, the new perspective is welcomed, as the firm shakes things up to deal with the European debt crisis.
Olson joins Citigroup’s credit-trading team as the firm grapples with the European sovereign debt crisis. Chief Executive Officer Vikram Pandit shook up the unit in January, causing senior debt traders Rohit Bansal and Chris Yanney to leave the bank, the third-biggest in the U.S.
Olson reportedly settled into his new post yesterday and will be heading Citi’s hybrids and preferred securities desk.
Above all, Olson seems like a pretty cool guy: Bloomberg also pointed out that the trader is a former US Navy Nuclear Submarine pilot.