Citi just cut 30 markets professionals in London
When Jane Fraser last week announced her plan to reorganize Citi and possibly eliminate some talented people in the process, the implication was that it might be a while before it came to fruition. The realignment was expected to take 30 days with the actual cuts to be announced next year (said the Financial Times). And yet, Citi has cut people today.
The bank isn't commenting. However, sources at Citi say 30 people in the London markets team are gone.
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They include several in high touch sales trading, including Tracey Brown, a director who'd been with the bank for 16 years, David Lackenby, a sales trader who joined in 2021, and Mark Brodie, a sales trader who joined around the time of Lackenby.
The cuts come as Fraser is focused on simplifying the bank by reducing its operating divisions and cutting regional management structures. They aren't thought to be related to the reorganization plan.
The global markets division is now being run by Andy Morton, a former finance professor. Morton presumably thinks it's overstaffed, particularly in equities, where Citi has hired heavily in recent years but doesn't really have much to show for it.
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