Brennan Warble, head of institutional sales at Citadel Securities, the investment banking unit of Ken Griffin’s Citadel LLC, left the firm today.
Brad Kurtzman, head of equity derivatives, and Chris Boas, head of credit markets, will take over Warble’s responsibilities, Devon Spurgeon, a spokeswoman for the Chicago- based firm, said by phone today.
Warble, who joined in 2009, is at least the fourth former Merrill Lynch executive to leave Citadel in the past year. James Boyle, who ran equity derivatives with Kurtzman, left last week. Todd Kaplan, the former head of investment banking, left in January, less than a year after joining, and Rohit D’Souza, who ran Citadel Securities, quit a year ago after seven months in the role.
Citadel Securities fired 12 people in sales and trading last week, a person briefed on the plans said Oct. 20. The layoffs represented about 5 percent of the sales and trading group, said the person, who asked not to be named because the information is private.
Griffin started the securities unit to expand his hedge-fund firm by underwriting and trading stocks and bonds and advising corporations on mergers and acquisitions. Patrik Edsparr, who succeeded D’Souza, was ousted in May, seven months after Griffin picked him for the position.
Warble joined Citadel from Bank of America Corp., which in January 2009 bought Merrill Lynch & Co..
Griffin started Citadel Securities in 2008 and has about 500 clients trading contracts worth more than $1 billion a week, Spurgeon said last week.