MOVES-UPDATE 2-Citi, MF Global India emissions heads leave

* Garth Edward, head of Citi’s carbon desk, resigns

* MF Global India carbon head Digvijay Chauhan also leaves

(Adds details, quote from Citi spokesman in paragraph 3)

LONDON, June 4 (BestGrowthStock) – Citigroup’s (C.N: ) director of
environmental products, Garth Edward, resigned from the bank on
Thursday, he told Reuters on Friday.

Edward confirmed by telephone that he had left the U.S. bank
but would not comment further.

“Garth has resigned to take time off from work and travel.
He leaves on good terms and we wish him well. We have a
substantial team in place and it is business as usual,” a Citi
spokesman said.

Edward was one of the early players in the global market for
greenhouse gas emissions trading, which was worth $144 billion
in 2009, according to the World Bank.

Edward joined Citi’s London office in late 2007 to run the
bank’s emissions trading division. Prior to that he ran Shell’s
(RDSa.L: ) environmental products trading business.

Citi has lost at least three emissions traders in as many
years, including former vice presidents Heidi Forbes and Alan
Bannister.

The bank hired Benedikt von Butler as director of emissions
sales in February and Ariel Perez as an emissions trader late
last year. Citi’s emissions desk now stands at four full-time
people following Edward’s departure, a source close to the desk
told Reuters.

Digvijay Chauhan, head of emissions markets at MF Global’s
(MF.N: ) India office, also left the firm last week, a former
colleague told Reuters on Friday.

An MF Global spokeswoman confirmed the move but would not
comment further.

Chauhan, formerly at clean energy project developers
EcoSecurities, now owned by JP Morgan (JPM.N: ), was not
immediately available for comment.

MF Global’s new chief executive said on May 20 that the firm
would slash its workforce by up to 15 percent after five
straight quarters of losses. [ID:nN19251060]

The global recession and uncertainty over the future of the
carbon market, fuelled by stalled efforts to agree a successor
to the Kyoto Protocol and by legislative delays to a U.S.
climate bill, have prompted several financial institutions to
trim or shut down their emissions desks in the past two years.

Stock Market Investing

(Reporting by Michael Szabo; editing by Jane Baird)

MOVES-UPDATE 2-Citi, MF Global India emissions heads leave