Swanson, 43, joined the New York-based lender after its 2007 acquisition of Automated Trading Desk LLC, where he was chief executive officer. He will be replaced by Dan Keegan, also a former ATD executive, who will run the electronic-trading unit with existing co-head Shakil Ahmed, according to an internal memo obtained by Bloomberg News and confirmed by Citigroup spokesman Alexander Samuelson.
“Over the last three years, it has been a strategic priority for Citi to transform our electronic trading-product offering and organizational structure,” Derek Bandeen, head of equities trading, said in the memo. “Instrumental in that effort was the acquisition of Automated Trading Desk in 2007 and the appointment of Steve Swanson to lead this effort.”
Citigroup bought ATD for about $680 million to capitalize on the growth of electronic equity transactions outside the U.S. David Whitcomb, a finance professor from Rutgers University of New Jersey, founded ATD in 1988 with Swanson, who graduated from South Carolina’s College of Charleston in 1989.
Keegan joined ATD in 2006 from New York-based JPMorgan Chase & Co. where he held various management positions, including head of electronic execution services.
Swanson couldn’t be reached for comment.