Wall Street investment bank Jefferies has recently sidelined a seven-year junk bond veteran to bring in a top trader from Citigroup — and has caused a split among some of its traders in the process, The Post has learned.
The bank has tapped ex-Citi executive Faraz Naseer to lead the bank’s high-yield debt trading group — and reduced the role for Timothy Sullivan, who had until recently led the unit, a source briefed on the changes told The Post.
Sullivan, who joined the bank in 2011, has helped helm the junk bond trading desk since 2014.
He was co-head with Tim Brennan from 2015 to December, when Brennan left the bank, according to broker records.
While Sullivan hasn’t been demoted, it’s unclear what his responsibilities are, according to the source.
Richard Khaleel, a spokesman for Jefferies, declined to comment.
Calls to Sullivan for comment were not returned.
Source: New York Post