Citadel To Lay Off Two Dozen Securities Employees Today

Aug 25 2011 | 12:57am ET

Citadel Investment Group will lay off the remaining sales and trading personnel at its investment-banking unit today.

About two dozen employees will be let go from Citadel Securities, Bloomberg News reports. What’s left of the unit will now focus on electronic trading.

The layoffs follow Citadel’s decision to pare back its ambitious plans to become a full-service investment bank. The firm two weeks ago slashed its equity research operations and then agreed to transfer most of its investment bankers, including the unit’s head, Brian Maier, to Wells Fargo.

Citadel Securities employed about 100 people in sales and trading and about 30 in investment banking. Some staffers were laid off two weeks ago and about 25 sales and trading employees were transferred to other businesses within the unit.

After the layoffs, Citadel Securities will continue to employ about 200, according to Bloomberg.

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