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Citi's latest round of cuts includes a senior European equities trader

Citi's 20,000 job cuts are far from complete. As the bank works its way through layers of management, senior trading figures are being caught in the noose. Among the latest to be put at risk is understood to be a senior equities trader in Europe.

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Citi isn't commenting, but multiple sources say that the bank is cutting London equities people and that the cuts include Dan Brown, who's believed to have been the US bank's director level head of Europe emerging markets equities trading in London.

Brown joined Citi from Morgan Stanley in 2020. The Financial Conduct Authority Register shows him leaving Morgan Stanley in 2016 and arriving at Citi four years later (although it's understood he may have joined before). He stopped being a material risk taker at Citi on January 24th.

As we noted this week, Citi's cuts are supposed to be sparing its revenue generators and yet senior people on the trading floor are disappearing. They include Conor Davis, one of Citi's most senior salespeople.

Citi spent the past few years building up its equities sales and trading business in Europe. It's understood that Brown was hired to trade developed equities initially, before moving into emerging markets. 

Citi's New York equities desks are understood to be nervous that they will get the call later today. 

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Photo by Joe Zlomek on Unsplash

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AUTHORSarah Butcher Global Editor

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