Three of Citadel Securities’s top executives just left the firm, according to Bloomberg.They are: Chris Boas, head of credit markets; Brad Kurtzman, who ran equity derivatives sales and trading; and Carl Mayer, the head of leveraged finance in the investment banking unit.
In October, we heard that Ken Griffin’s Citadel Securities would see a number of layoffs, especially in the fixed income unit, headed by none other than Chris Boas, who is now departed.
Boas joined Citadel in 2006. Before that he was Global Head of Structured Credit Trading for Morgan Stanley.
We also heard late last year that Griffin’s i-banking unit (which he hoped would one day rival Goldman Sachs’) is basically crumbling, which is not surprising considering the business’ high turnover rate.
And then the firm laid off about a dozen people in sales and trading.
These new departures might say something about all the gloomy speculation surrounding this arm of the Citadel empire.
Brad Kurtzman and Carl Mayer’s tenure at the firm was far shorter than Boas’.
Kurtzman joined Citadel in 2009. Before that he spent eight years with Bank of America/Merrill Lynch, most recently as the Head of US Index and Exotics trading.
Mayer joined Citadel in 2009. Before that he was Head of Leveraged Finance Capital Markets and a member of the Origination Capital Committee at Merrill Lynch.
No word yet on why the trio have left.
Maybe Mr. Griffin was working them too hard…