Citadel Securities Says Kurtzman to Run Equity Derivatives as Boyle Leaves

Citadel LLC, the $11 billion firm run by Ken Griffin, plans to fire 12 people in sales and trading within its securities unit, Citadel Securities, said a person briefed on the plans.

The layoffs represent about 5 percent of the sales and trading group, said the person, asking not to be named because the information is private. Devon Spurgeon, a spokeswoman for Chicago-based Citadel, declined to comment.

Separately, Citadel’s co-head of equity derivatives, James Boyle, left the firm today, Spurgeon said. Boyle joined Citadel last year from Bank of America Corp., which bought Merrill Lynch & Co., where Boyle worked for 13 years.

Brad Kurtzman, who ran equity derivatives with Boyle, is now head of the group. Kurtzman also joined Citadel last year from Bank of America.

To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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