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Uncertainty afflicts Citi's equities team as senior cuts spread

As we reported earlier, it seems that Citi is back to cutting its equities business today. Dan Brown, head of Europe emerging market equities has been put at risk, but the cuts are more widespread than Brown alone.

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Tosin Ojelade, a director in electronic sales trader in London is also understood to be leaving. Ojelade had been with Citi for seven and a half years after joining from Instinet in 2016. He was promoted to head of EMEA electronic equities sales trading in September 2021. 

The cuts come as Citi simplifies its management structure and cuts 20,000 jobs under CEO Jane Fraser's restructuring plan. As the plan proceeds, cuts are coming in waves as the bank works its way down the hierarchy. In November, Citi cut Dirk Keijer, head of equities trading for Europe. Now it's on the next level down. 

Revenues in Citi's equities sales and trading business fell 9.3% last year. This was better than the 13% decline at JPMorgan but worse than the 1.4% decline at Bank of America. Research firm Tricumen said yesterday that revenues per head in Citi's equities business were below the market average in 2023. 

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AUTHORSarah Butcher Global Editor

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