Monday, 4 May 2015
Last updated 6 hours ago
Jan 31 2012 | 1:40pm ET
Citigroup will close its proprietary trading operations next month as it seeks to come into compliance with the upcoming Volcker rule banning the activity.
Equity Principal Strategies will close on Feb. 6. Most of the team's staff will leave the bank, according to an internal memo. The head of the desk, Sutesh Sharma, has been planning a hedge fund, Portman Square Capital, for months.
"Pursuant to various regulatory initiatives and changes, we have made the strategic decision to exit the Principal Strategies business," Derek Bandeen, head of equities at Citi, wrote on Friday. "The team, led by Sutesh Sharma, have been aware of this for some time and have worked diligently to wind down the positions over the last few months."
The Volcker rule will bar banks from proprietary trading, as well as strictly limiting their alternative investment activities.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…