Payoff Structurer – Strategic Equity Derivatives

Citigroup Inc.; Greater London; Hybrid; GBP 150,000 - 200,000; Full time

Benefits offered by this job

Hybrid work model

Annual bonus

Private medical care

Pension plan

Life insurance

Learning & development resources

Parental leave

Employee discounts

Job summary

Citigroup Inc. in London seeks a senior equity derivatives structurer to design bespoke payoff solutions for strategic clients worldwide.

The role combines product innovation, quantitative design, and client origination, working closely with sales and trading to deliver executable transactions. The successful candidate will bring deep technical mastery of equity exotic products, strong Python skills, and regulatory literacy to navigate PRIIPs, MiFID II, EMIR and BMR.

Qualifications

• Experience as an equity derivatives structurer or quantitative analyst at a top-tier investment bank.
• Strong knowledge of exotic equity payoff structures and pricing models.
• Familiarity with PRIIPs, MiFID II, EMIR, BMR.
• Proficiency in Python and scalable analytics development.

Responsibilities

• Research, design and structure bespoke equity derivative payoffs for strategic clients.
• Drive origination and product engagement with the sales desk to convert ideas into transactions.
• Develop and pitch quantitative investment strategies and systematic payoff structures.
• Identify and execute risk recycling opportunities to contribute to desk P&L.
• Collaborate with trading, research, legal, compliance and risk to ensure regulatory compliance.
• Monitor volatility surfaces and market dynamics to provide differentiated ideas.

Job description

Citi's Markets business is one of the world's most comprehensive and strategically important capital markets franchises, providing clients with access to global financial markets across fixed income, currencies, commodities, and equities. Within this, Citi's Equities division — including its Equity Derivatives franchise — sits at the centre of a deliberate and well-funded growth strategy, combining electronic flow trading with sophisticated, episodic structured solutions. In 2025, Citi's equities revenues reached their highest levels since 2021, with equity derivatives serving as a core driver of that momentum.

This is a senior structuring opportunity within Citi's Strategic Equity Derivatives business in London. The role sits at the intersection of product innovation, quantitative design, and client origination — working directly alongside sales and trading to develop bespoke equity derivative solutions for strategic equity clients globally. Operating at Director level, the successful candidate will bring both the technical depth to engineer complex payoffs and the commercial instinct to drive origination and deepen client relationships. Citi's London platform — recently the subject of a £1.5 billion headquarters redevelopment — provides a compelling environment in which to do so.

Primary Responsibilities

• Research, design and structurebespoke equity derivative payoffs for strategic equity clients across the full complexity spectrum, including barrier and worst-of structures, cliquets, digitals, and other light-to-medium exotic products, ensuring hedgeability, capital efficiency (XVA/RWA impact), and commercial viability.

• Drive origination and product engagementin close partnership with the sales desk, presenting structured solutions to institutional clients — including asset managers, private banks, insurance companies, and corporates — and converting ideas into executable transactions.

• Develop and pitchQuantitative Investment Strategies (QIS) and systematic payoff structures, tailoring strategy parameters (volatility budgets, sector tilts, asset class overlays) to specific client mandates.

• Identify and execute risk recycling opportunities, structuring transactions that efficiently offset or monetise existing book risk and contribute meaningfully to desk P&L.

• Collaborate cross-functionallywith trading, quantitative research, legal, compliance, and risk teams to ensure all structured solutions are compliant with applicable regulation, including PRIIPs, MiFID II, EMIR, and BMR.

• Contribute to product innovation and market intelligence, monitoring volatility surfaces, correlation dynamics, and funding environments to anticipate client demand and bring differentiated, market-relevant ideas to the franchise.

What We Need from You

• Demonstrated experienceas an equity derivatives structurer or quantitative analyst at a top-tier investment bank, with a proven track record of structuring and pricing complex payoff products from origination through to execution.

• Knowledge of strategic equity products including dividend adjusted options, funded collars, structured share repurchases would be helpful but not necessary

• Deep technical expertisein equity exotic products, including — but not limited to — autocallable and barrier structures, worst-of payoffs, dividend derivatives, and hybrid equity/rates or equity/credit structures.

• Strong quantitative foundation, including familiarity with equity derivatives pricing models (local/stochastic volatility, Monte Carlo, finite difference methods) and an ability to engage meaningfully with quants on model assumptions and sensitivities.

• Proficiency in Python(or equivalent quantitative tooling), with the ability to build or interrogate pricing analytics, automate workflows, or support strategy development.

• Ability to articulate complex, structured ideas to a sophisticated internal audience, and the ability to build strong working relationships with partners in trading, sales, origination and quantitative analysis.

• Regulatory literacy, with working knowledge of the UK/EU derivatives regulatory framework (PRIIPs, MiFID II, EMIR, BMR) and the ability to operate within a robust compliance and risk control environment.

What Citi Can Offer You

By joining Citi London, you will not only be part of a business casual workplace with a hybrid working model (up to 2 days working at home per week), but also receive a competitive base salary (which is annually reviewed), and enjoy a whole host of additional benefits such as:

• 27 days annual leave (plus bank holidays)

• A discretional annual performance related bonus

• Private Medical Care & Life Insurance

• Employee Assistance Program

• Pension Plan

• Paid Parental Leave

• Special discounts for employees, family, and friends

• Access to an array of learning and development resources

Alongside these benefits Citi is committed to ensuring our workplace is where everyone feels comfortable coming to work as their whole self, every day.

This job description provides a high-level review of the types of work performed. Other job-related duties may be assigned as required

Candidates applying for this role must be aware that it is a Certified Role, subject to the FCA and PRA Certification Regime. The Certification Regime is one element of the Individual Accountability Regime which came into effect on 7 March 2016. Under the Certification Regime, Citi UK regulated entities (Citi entities) must ensure that employees working in certain roles categorised as specified significant harm functions (Certified Roles) are assessed as fit and proper to carry out their role.

Under the guidance provided by the FCA and PRA, firms should have regard to the following when assessing fitness and propriety:

• Honesty, Integrity, and Reputation

• Financial soundness

• Competence and capability

In order to comply with the requirements of the Certification Regime, Citi entities must take reasonable care to ensure that an employee does not perform a Certified Role without first being certified as Fit and Proper. For this reason, you will be assessed for this role against the Fit and Proper requirements, as described above.

This assessment will be carried out through extensive interviews, self-disclosures, permitted criminal record checks, regulated reference checks, credit checks and other background screening checks.

Job Family Group:

Institutional Trading

Job Family:

Structuring

Time Type:

Full time

Most Relevant Skills

Please see the requirements listed above.

Other Relevant Skills

For complementary skills, please see above and/or contact the recruiter.

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