No sooner did we suggest that Citi might be making some cuts in light of its need to spend billions updating its risk and control infrastructure, than cuts there seem to be going ahead. - Very senior cuts. In the EMEA equities business.
Sources say Citi has let go of several managing directors in equities. Announcements have not been made internally, but it's understood that the individuals themselves are aware.
The cuts are understood to include but not be limited to Kiran Shah, head of equity derivatives trading and Adam Herrman, global head of prime finance.
The cuts follow the arrival of Fater Belbachir from Barclays as new head of equities in August. Citi has also made various hires, including Graham Wayne, Barclays' former EMEA electronic equities product head and Matthew Cousens, Barclays' former head of platform sales.
Samantha Huggins, managing director and head of equity sales trading, Ross Duncan, a high touch sales trader on Huggins' team, and Robin McPherson, a VP-level equity and special situations trader all left Citi in June.
Commenting on the cuts, a spokesperson for Citi said: "We have made organizational changes to our Equities business over the last several months to capitalize on our investments in talent and technology. As previously reported, Citi is moving forward with a limited number of staffing reductions, impacting less than 1% of our colleagues globally. We expect the overall size of our firm to remain about the same when the impact of these changes, natural attrition and ongoing hiring since the start of the year are all taken into account."
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