Exodus Of Prop Traders Continues At Citi As Three Traders Leave Together

Heading for the door

The exodus of prop traders leaving Citi for places where they can prop trade freely continues!Renassiance Capital (Moscow-based Renaissance, an i-bank, not Renaissance Tech) just swiped three traders from Citigroup.

  • Yonatan Gozdanker, Citigroup’s head of equity trading for the region of Central and Eastern Europe, the Middle East and Africa
  • Gary Lennon, head of Citigroup’s CEEMEA (Central and Eastern Europe, the Middle East and Africa) sales trading
  • Vadim Varvarin, a senior sales trader covering Russia, South Africa and the Middle East at Citigroup

Gozdanker will be the global head of equities, Lennon will lead sales trading, and Varvarin will be on the Renaissance sales trading team.

A note from Renaissance yesterday said it wants the traders to expand its emerging-market trading desk.

Citigroup has been bleeding prop traders in recent months as it tries to cut back the amount of prop trading it does and traders decide that hedge funds might be a better option for them in order to prepare for the possibility that regulation might limit what their role allows them to do (and earn) at a US-based bank.

Now check out how to get a job at a hedge fund >>

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