Citi
Chloe Shepherd
29 October 2024
Driving change is “deeply rewarding” for Chloe Shepherd, vice president and credit repo trader at Citi, who speaks with Daniel Tison about increasing diversity, equity, and inclusion in repo trading
Image: Chloe Shepherd
Can you tell me about your journey into the securities finance industry?
I did my internship with the Royal Bank of Canada (RBC) in the summer of 2017 while studying at the University of Glasgow, which I was fortunate enough to convert into a place on their graduate programme in 2018. This is probably a carbon copy of most people’s entry into the finance industry in the past 10 years. That said, I did enter the industry having done an MA in history, rather than the standard finance or economics degree. I also started my career in high-yield credit trading, moving into the repo and securities finance space as a trader, a year or so later.
Since then, I have not looked back, with nearly six years under my belt. Repo and securities finance did not get as much attention from graduates when I started my career due to the over-the-counter (OTC) nature, old-school style, and uniqueness of the products. But that is what really appealed to me — an opportunity in a product where you can see how fixed income markets function, from operations through to the front office. I owe an awful lot to my old team who shared their extensive knowledge and wealth of experience with me. I could not have asked for a better environment to learn in. It was that support and exposure during my first four years in securities finance that helped me navigate to where I am now.
As a young professional, what aspects of your role or the industry do you find most exciting?
As a trader, I get a lot of satisfaction out of executing trades, but the most exciting and fulfilling part of my role is being in an industry and product space that is on the verge of so much change — in terms of culture, technology, and the way we work. I am passionate about getting more women into trading and increasing social mobility within finance, as well as the automation of a heavily OTC repo market and technology within my firm. Change breeds opportunity, and driving that change is deeply rewarding.
Many companies offer various training and development opportunities for their employees. How has your company supported your growth?
Citi offers a variety of training and development opportunities, and I look forward to undertaking an in-house management course this autumn. It will be helpful to me as I manage new graduates and interns. We also have a women’s leadership initiative within markets called RISE, which has a specific pillar dedicated to women in trading. Our focus is on mentoring programmes, as well as attracting and recruiting female junior talent into trading roles.
What misconceptions about working in the financial industry have you encountered, and how do you address these challenges?
The most common misconception is probably that you have to fit a mould to be a good trader. I have met a variety of traders over the past few years, and everyone has a unique way of working and attitude. It is so important to highlight and promote a variety of role models from different backgrounds to those who are just starting out in their careers in finance, or those exploring it as an option.
I work towards this internally with my position on the Citi Early Careers Committee, but also externally through volunteering to talk about my experiences for a variety of different charities and events, as well as promoting and talking about such issues on LinkedIn.
Looking ahead, where do you see yourself in the next five years in terms of your career goals and aspirations?
I would love to travel with my work. I collaborate with a variety of people from all over the world every single day, both internal colleagues and external clients. I believe there is so much value in meeting in person and cementing relationships further. There is only so much you can do over Zoom and a shared screen.
In terms of expanding my skill set and potentially trading more products, I am currently focused on flow credit, and I am super excited to get more exposure to different financing solutions such as total return swap (TRS) as the markets move that way. I am considering completing an external short course by the Cambridge Institute for Sustainability Leadership (CISL) entitled ‘Business and Social Justice: A Force for Social Change’. I previously took their ‘Women Leading Change: Shaping our Future’ short course, and found it enlightening and helpful in enacting change in the organisations I have worked in, as well as with my work on the development board for a social mobility charity upReach.
What advice do you have for other young professionals aspiring to pursue a career in your industry?
Do not underestimate the value of having good people around you — good managers and people that you enjoy spending hours upon hours a day with. It really does make a huge difference and it helps your career progression exponentially if you have supportive people surrounding you. Also, do not be afraid of change, be able to pivot and take on new challenges and opportunities, as that is the only way you will learn.
Chloe Shepherd bio
Based in London, Chloe Shepherd serves as vice president and credit repo trader at Citi, as well as a development board member for the social mobility charity upReach. Prior to joining Citi, she worked as a repo trader at RBC Capital Markets. She earned a master’s degree in history from the University of Glasgow.
Shepherd is passionate about diversity, equity, and inclusion (DEI). In 2023, she was shortlisted for the ‘Rising Star’ award at the Securities Finance Times Industry Excellence Awards and FTAdviser’s Diversity Finance Awards, and in 2022, for the ‘Next Generation Leader of the Year’ title at the Women in Finance UK Summit and Awards.
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