Tough medicine has been doled out at Citi since the arrival of Derek Bandeen as head of global equities trading last summer. After a blunt diagnosis of the problem – too many people doing the wrong things – the global equities division went through a dramatic shake-up in which it shed just over a quarter of its staff.
As part of the restructuring, the US bank also began a push in emerging markets equities at the start of the year.
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