Cushman Out At Citadel Securities

Mar 8 2013 | 11:08am ET

Matt Cushman, who joined Citadel Securities from Knight Capital in 2011, has reportedly been let go as the firm restructures its automatic trading operations.

A person familiar with the situation told Reuters that Cushman is leaving as Citadel Securities cuts up to 30 jobs, or 10% of its workforce.

The cuts, which will affect the firm's New York, Chicago and Palo Alto offices, are part of a plan to consolidate the technology and support teams linked to the firm's automated trading operations, said the Reuters source, adding that the restructure does not mean Citadel chief executive Ken Griffin is moving out of the trading business: 

"If anything Ken wants us push more into that space."

Citadel Securities is a unit of Citadel, which also runs one of the world's largest hedge funds.

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