Citigroup Makes Cuts In Prime Brokerage Unit

Dec 4 2008 | 10:03am ET

Citigroup has reportedly cut 15% of its Citi Prime Finance staff, including 14 members of its New York office. Five of those took severance packages; the rest were laid off.
 
As part of the downsizing, Citi’s prime brokerage group will no longer offer business consultancy services to hedge funds, Hedge Fund Alert reports. It remains committed to other services including clearing, securities lending, capital introduction and execution.

A call to Citi was not returned by press time.
 
In other firm news, Citigroup has named managing director Christopher Gammons as its head of private equity banking in Asia, replacing Christopher Laskowski, who is relocating to Chicago, where he will remain at Citigroup as a private equity banker.

Laskowski, who spent the last five years heading up the private equity banking group at Citigroup, will handle deals for mid-western based buyout firms and hedge funds, Reuters reports.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of