Citicorp Junk-Bond Executive Resigns

Citicorp's head of junk bond research resigned this week, another sign that the company's high-yield trading and sales effort may be foundering.

Mariel Clemensen, a vice president in Citicorp Securities Markets, will be joining Lehman Brothers as head of high-yield research, officials said.

Ms. Clemensen, a respected analyst, is on vacation and could not be reached for comment. But a message on her answering machine at Citicorp said that, effective June 24, she would be at Lehman Brothers. The firm is a unit of Shearson Lehman Brothers Holdings Inc.

She has been at Citicorp since September 1989, when she joined the company from Donaldson, Lufkin & Jenrette Securities Corp.

Low Priority for High-Yield

It was not clear why Ms. Clemensen left, but sources at Citicorp said they were not convinced that the nation's largest bank is committed to high-yield sales and trading. In March the company disbanded the department as a separate entity, and soon after, a number of traders and salespeople departed. There have been few new bond deals.

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