So this is really odd: On the day that Citadel dropped the “Citadel” word from one of its units and rebranded it Omnium, that same unit was selected by Lehman Brothers Holdings Inc. to deal with its bankruptcy proceedings.
From the press release:
The implementation of the Citadel Solutions platform is anticipated to begin in September 2009, and to be fully operational in 2010. In addition to providing ongoing services for Lehman’s asset classes, Citadel Solutions will supply technology and middle-office support during the wind-down of the Lehman Estate over an anticipated three to four year period. The retention of Citadel Solutions on an interim basis was approved today by the bankruptcy court and is subject to the negotiation and execution of definitive documentation.
So what’s going on here? Did Ken Griffin change the name thinking it would resolve all of the firm’s problems? Or, did Ken, in anticipation of the Lehman deal, drop the Citadel word for fear of being associated with the doomed bank?
Anyone has an idea?
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