There were 3 big exits from Citi's equities business last week
It seems like people are moving on again. Or at least, they're leaving Citi's equities sales and trading business in London.
Sometime late last week, it's understood that Citi experienced three reasonably significant defections. Most significantly, Samantha Huggins, managing director and head of equity sales trading is understood to have quit. So too have Ross Duncan, a high touch sales trader on Huggins' team, and Robin McPherson, a VP-level equity and special situations trader.
The exits are thought to be unrelated.
Huggins is said to be joining brokerage firm BTIG, but it's not clear what her role will be there. Duncan is thought to be joining Cowen, the U.S. brokerage firm on a London hiring drive. McPherson is understood to be joining a London hedge fund.
The departures follow an excellent first quarter for Citi's equities sales and trading business, with revenues rising 39% year-on-year. However, the business is going through a period of upheaval after hiring Fater Belbachir from Barclays as head of global equities trading in May. Insiders suggest that Citi may be pivoting towards equity derivatives and solutions rather than cash equities and that following several years of moderate pay and layoffs last year, this is encouraging some people to consider their options.
Citi declined to comment.
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