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.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note