Sunday, 21 September 2014
Last updated 1 day ago
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.