Vikram Rai, head of Citi’s municipal strategy group, has left the firm, he announced on Monday, after his position was eliminated. “Today was my last day at Citi,” he said in an email to clients.
“I got cut,” he told The Bond Buyer. “I’m looking for a new job now.”
Rai is an outspoken and well-respected voice in the municipal market who hosted popular weekly client calls with detailed reports that highlighted hot button issues facing the market.
He said the company gave no reason as to why he was let go.
“It came as a complete surprise to me,” he said.
He is regularly ranked in the top three in the Institutional Investor and the Greenwich client surveys.
Previously, he was in Citi’s U.S. rates trading group.
Prior to joining Citi in 2007, he worked in the private equity division of Old Lane LLP, a hedge fund.
Rai holds an MBA in finance and economics from the University of Chicago and is a CFA charter holder.
In February, Citi cut three positions from its municipal division, including veteran public finance banker Thomas Coomes in Chicago and Daniel Daley and Marc Livolsi in New York, according to multiple sources.
Citi didn’t immediately respond to an email sent for comment.