There's been a big shakeup at the top of Citigroup's stock trading business
- Citi's stock trading business is undergoing a shakeup.
- The firm's head of electronic trading in the US just left.
- As part of a reorganization of the unit, its US head of equity derivatives is getting promoted to global head of electronic cash and central risk.
Another senior trader in Citi's stock trading division is out and the head of equity derivatives is getting a promotion - the latest in a string of recent management moves for the unit, which is undergoing a strategic reorganization, according to people familiar with the matter.
Young Kang, the head of electronic cash trading in the US, has left the firm, according to people familiar with the matter. The departure was mutually agreed upon, the people said.
Citi confirmed that Kang has left the company.
Additionally, Peter Lambrakis, formerly the US head of equity derivatives, is taking on an expanded role in the equities division as part of a strategic review Citi is conducting.
The reorganization is an effort to better integrate the bank's cash, electronic, and central risk strategies - an effort Lambrakis will help spearhead as global head of electronic cash and central risk, according to people familiar with the matter
The equities reshuffle has accompanied several senior management departures in recent weeks.
Last week, global head of cash trading Armando Diaz left the firm. He'd been hired in 2016 to revive Citi's moribund global cash trading business.
Before that, Millennium Management, the $35.7 billion hedge fund giant, hired away Sebastian Ridd, head of program trading and cash trading in the US at Citigroup.
Prior to his exit, Kang had been with Citi for 11 years and previously served as global head of algorithmic products before taking on his most recent role in 2016.
Despite the shakeup in stock trading at Citi, the business has performed well of late. Cash equities declined 3% to $9.2 billion across Wall Street last year, but industry sources say Citi's cash equities business, while smaller than competitors at the top of the league tables, actually grew by more than 7% in 2017.
CFO John Gerspach said at an investor conference this week that the overall equities business had a shot at hitting $1 billion in revenue in the first quarter, which would be its first time surpassing that threshold since 2015.