Feb. 21 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank, named Daniel Keegan to assume responsibility for equities businesses in the Americas from Rick Bartlett, who’s on an extended medical leave.
Keegan will relinquish his role as head of global cash equities effective immediately, according to a memo sent to employees of the New York-based bank. The firm named Kevin Russell to oversee global cash trading, in addition to his role as head of trading for the Americas, the memo shows.
The move adds to management changes at the firm’s equities business, run from London by Derek Bandeen, 49. He overhauled the unit last year, shutting a proprietary-trading unit and promoting executives including Keegan to new management roles. Bartlett, 45, took leave in January.
“In his absence and with his realization that he is unlikely to return to his previous role, we have decided to make some changes,” according to the memo, which was signed by executives including Bandeen. “Dan brings to this role a wide range of experience in managing broad teams of professionals, a dedication to innovation and an in-depth understanding of our client base and culture.”
Revenue at Citigroup’s equities-trading unit rose 1 percent to $2.42 billion in 2012, according to a financial supplement. JPMorgan Chase & Co., the biggest U.S. bank, reported $4.41 billion of equities-trading revenue, a 1.6 percent decline from 2011. Bank of America Corp., the second-biggest, said that revenue fell 13 percent to $3.27 billion.
Keegan had overseen electronic trading at Citigroup. He previously worked for New York-based JPMorgan and Automated Trading Desk LLC, an electronic trading firm that Citigroup bought in 2007.
Shakil Ahmed, who helped Keegan oversee electronic trading, will leave at the end of this month to pursue fund-management opportunities, according to the memo. Ahmed is departing with 12 fellow Citigroup executives, the memo shows.
Ahmed ran an internal Citigroup hedge fund that used $400 million of the firm’s money and mathematical models to bet on stocks. The bank shut the Quantitative Strategies fund in 2011 after appointing him head of electronic market-making.
Raised in Vienna, Ahmed received a doctorate in computer science from Yale University. He joined the bank in 2008 from Process Driven Technologies, which was then a proprietary-trading operation at Morgan Stanley.
Dow Jones reported the moves earlier today. Bartlett didn’t immediately respond to e-mails sent to his work address.
To contact the reporter on this story: Donal Griffin in New York at email@example.com
To contact the editor responsible for this story: David Scheer at firstname.lastname@example.org