Friday, 25 July 2014
Last updated 36 min ago
Oct 21 2010 | 5:01am ET
Citadel Investment Group’s beleaguered investment banking unit is poised to add some more gloom to the mix with a dozen layoffs.
The cuts will come in Citadel Securities’ sales and trading group, amounting to roughly 5% of the team’s staff, Bloomberg News reportCis. Earlier this month, the Chicago-based hedge fund giant denied rumors that it planned to close the I-banking division amidst “mass layoffs.”
Citadel insisted at the time that Citadel Securities had enjoyed positive trading revenue, following a report in May that investment-banking operations took in just $5.4 million in revenue last year.
Citadel Securities has seen a huge amount of turnover in its senior ranks since it was set up, including two heads of the business within eight months, among other high-level departures. At least some of the exits were reportedly sparked by disagreements between the I-bank’s leaders and Citadel founder Kenneth Griffin.
Meanwhile, Citadel announced another resignation, that of James Boyle, co-head of derivatives. Boyle left the firm yesterday after just a year-and-a-half, and was replaced by Brad Kurtzman, head of equity index trading. Both Boyle and Kurtzman joined Citadel last spring from Bank of America.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…