Citigroup is shaking up a big trading business -- here's the memo

Citigroup has appointed a new team at the top of its equities business.

The US bank on Monday named Dan Keegan and Murray Roos as coheads of global equities, according to a memo seen by Business Insider.

They replace long-time head Derek Bandeen, who announced plans to step down last month.

This is the latest change at the top of a Wall Street trading business.

Bank of America Merrill Lynch in late April named a new head of global equities trading. And last week, JPMorgan named David Hudson to the new role of global head of markets execution.

It also follows Citigroup’s appointment of Armando Diaz as global head of cash equity trading in March.

Here’s the Citigroup memo, sent by global head of markets and securities Paco Ybarra, announcing the changes:

I am pleased to announce that Dan Keegan and Murray Roos have been appointed Co-Heads of Global Equities, effective immediately, reporting to me.

Our Global Equities business has undergone a comprehensive transformation over the last few years and we are excited about our future prospects. Progress from this point will require disciplined execution, a cohesive and stable management team and clear strategic direction. We believe that the best way to ensure that we get all those things is to ask Dan and Murray to jointly lead the business.

Dan joined the firm in 2007 as part of our purchase of ATD. In his current role as Head of Equities Americas, Dan has proven himself a dynamic manager and leader. He has a deep understanding of all facets of the equity markets and of the needs of our client base. Dan also has a career connection with electronic markets, a critical component to today’s business, from his time at ATD and JP Morgan.

Murray joined Citi last July and has had an immediate impact as Citi’s Global Head of Equity and Prime Finance Sales. Starting as a derivatives trader he has enjoyed a successful career at UBS and Deutsche Bank culminating with his position as Co-Head of Deutsche’s European Equities business and Global Co-Head of their Prime business. Murray brings tremendous depth of knowledge across the full spectrum of equities products and a formidable commitment to client service.

Dan and Murray’s individual product expertise and management capabilities are a terrific complement to each other and will help us navigate the business through continuously challenging market conditions.

Please join us in wishing them every success in their new roles.

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