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Citadel’s Craig Stine, Investment Banking Co-Head, Departs

May 10 (Bloomberg) -- Craig Stine, co-head of investment banking at Citadel Securities, a unit of Ken Griffin’s Citadel LLC, quit the firm this week, the 10th high-level exit in less than two years.

His departure was confirmed today by Devon Spurgeon, a spokeswoman for the Chicago-based firm. Stine ran the group with Brian Maier after the former head of investment banking, Todd Kaplan, left in January 2010, less than a year after joining.

“Once you’re known as a revolving door, it’s hard to recruit the best in this competitive environment,” said Jeanne Branthover, head of financial services at Boyden Global Executive Search Ltd. in New York. “The war for talent is tougher now than before the financial crisis.”

Griffin started the securities unit in late 2008 to expand his hedge fund by advising corporations on mergers and acquisitions, and underwriting and trading stocks and bonds. The business, created at the height of the financial crisis, has been subject to a series of executive departures since Rohit D’Souza, whom Griffin had hired to build the new unit, left in October 2009 after a year.

Chris Boas, head of credit markets for Citadel Securities, Brad Kurtzman, who ran equity derivatives sales and trading, and Carl Mayer, head of leveraged finance, quit in January. Patrik Edsparr was ousted last May, seven months after Griffin picked him to succeed D’Souza.

Tim Devine, a banker who worked with Stine, also left Citadel this week, Spurgeon confirmed. Stine, who focused on advising financial companies, and Devine joined Citadel in 2009 from Citigroup Inc.

To contact the reporters on this story: Zachary Mider in New York at zmider1@bloomberg.net; 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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