Kevin Russell, the global head of equity trading at Citigroup, left the bank today, according to people familiar with the situation.
He was promoted to the role overseeing stock trading last year, replacing Mike Pringle, who left the bank to take a role at a hedge fund.
His departure follows that of Michael Caperonis, who had run equities trading in the Americas. Caperonis left in early November to take a bigger role at Japanese bank Nomura, according to Bloomberg.
The moves are the latest in a line of changes at the top of Wall Street’s equities businesses. Business Insider reported in October that Goldman Sachs’ head of US stock trading, Matthew Mallgrave, has quit to join Credit Suisse.
Equities divisions have had a good year so far.
The top ten banks made $US24.6 billion from equities sales and trading in the first half according to data from Coalition, up 18% from the same period last year. In contrast, revenues in fixed income, currencies and commodities, and traditional investment-banking activities, such as advising on mergers and acquisitions and capital raisings, fell.
More to come…
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