Citigroup equities execs leaving as reorganization continues, sources say
By Tatiana Bautzer
NEW YORK (Reuters) — Three senior executives are leaving Citigroup's equity-trading division, two sources with knowledge of the matter said on Wednesday, as the company undergoes a sweeping reorganization.
The executives are Tim Gately, head of U.S. equities sales; Thomas Lynch, global head of prime services sales; and Matt Brady, America's head of Delta One sales, the sources said.
Citi declined to comment. The executives did not immediately respond to messages seeking comment.
Citi expects to cut as many as 20,000 jobs over the next two years, the bank said last week, after it swung to a $1.8 billion loss in the fourth quarter. Revenue in the stock trading division rose 9% to $819 million in the quarter, but fell 9% in 2023 from a year earlier.
More organizational changes will be announced next week, CEO Jane Fraser told staff in an earlier memo.
An industry website, eFinancialCareers, reported the departures on Tuesday.
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