Citigroup's EMEA equities changes raise questions about some traders
Citigroup's EMEA equities team has gone back to the future. Financial News reported today that Marc Francis has been appointed head of high touch equities trading at the bank in London. It's not the first time he's been in that seat.
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Francis was head of high touch equities trading at Citiuntil November 2021, when he was replaced by Will Cussen, who was described at the time as a Citi 'equities trading veteran.' Sources at Citi say Cussen ran high touch equities trading with David Song, an equities trader who joined from Barclays in 2022.
Now that Francis is back running high touch equities trading, therefore, what's happened to Cussen and Song? Citi isn't saying, but both men are understood to still be with the bank.
Citi is making20,000 job cuts and plucking 5,000 people as it eliminates layers of management. In equities, those cuts have included Conor Davis andDan Brown and there are fears of more cuts to come.
Revenues in Citi's equities business fell 9% year-on-year in 2023. Equities trading at Citi is run by former Barclays trader Fater Belbachir, who's hired many of his former colleagues (including Song), while markets as a whole is run by Andrew Morton.
Citi's London equities business was subject to afat finger error in 2022 during the May Bank Holiday period. The bank is thought to be subject to greater regulatory attention as a result.
Citi declined to comment.
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