The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Capital markets: Citi equities team emerges from rehab

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. This business had been underperforming fixed income in regions such as central and eastern Europe, the Middle East and Africa.

Although Citi was number one for fixed-income in the CEEMEA region with about a 30% share of the market in 2008, the bank tended to rank in sixth to ninth place in equities, according to Farhang Mehregani, Citi’s head of CEEMEA equities.

Mehregani, Citi’s former head of trading risk for global equities, was handed the task of restructuring the CEEMEA equities business last July as part of Bandeen’s overhaul of global equities.

The first stage was deep cuts, largely in the third and fourth quarters of 2008. The overall headcount in global equities dropped by 27% from 2,200 people in 2007 to 1,600 by the end of 2008.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree