Citadel Investment Bank Loses Another Top Exec.

Jan 19 2010 | 1:04pm ET

The transition from hedge fund giant to financial services giant has not been smooth for Citadel Investment Group. The Chicago-based firm continues to lose top executives from its nascent investment banking unit even as it aggressively recruits fresh blood for the same business.

The latest casualty at Citadel Securities is the head of said investment banking business, Todd Kaplan, who resigned from the firm last week after less than nine months on the job. Kaplan’s exit follows those of former Citadel Securities president Rohit D’Souza in October and former institutional trading head Peter Santoro last month.

As he did when D’Souza resigned, Citadel Europe chief Patrik Edsparr, will step into Kaplan’s shoes. Citadel’s investment banking leaders will now report to Edsparr, who is also global CEO of Citadel Securities.

It is unclear why Kaplan, a former head of global leveraged finance at Merrill Lynch, chose to leave Citadel.

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