- Dan Keegan, Murray Roos replace Derek Bandeen, who's leaving
- Co-heads to report to markets and securites head Paco Ybarra
Citigroup Inc. named Dan Keegan and Murray Roos co-heads of global equities as the bank seeks to shore up its stock-trading business.
Keegan, who was head of equities for the Americas, and Roos, 40, formerly global head of equities and prime finance sales, will report to Paco Ybarra, head of markets and securities services, the New York-based firm said Monday in a memo to staff that was confirmed by spokesman Scott Helfman. The bank said last month that former equities-trading head Derek Bandeen, 53, was leaving after almost eight years at the firm.
“Our global equities business has undergone a comprehensive transformation,” Ybarra, 54, said in the memo. “We are excited about our future prospects.”
Keegan and Roos take over a stock-trading unit that ranked eighth globally last year by revenue, up one spot from 2012. The firm, more commonly known for its bond-trading prowess, is seeking to wrest share from Goldman Sachs Group Inc., Morgan Stanley and others that have turned their attention to equities in an environment where more capital-intensive businesses like fixed-income trading are out of favor.
Citigroup, led by Chief Executive Officer Michael Corbat, 56, has said it wants to stabilize revenue in the business at $800 million to $900 million a quarter. The bank made the decision to invest in the business, succeeding in making it more efficient and profitable, President Jamie Forese, 53, said last June.
“Progress from this point will require disciplined execution, a cohesive and stable management team and clear strategic direction,” Ybarra wrote Monday. “We believe that the best way to ensure that we get all those things is to ask Dan and Murray to jointly lead the business.”
Bandeen was hired in 2008 by then-CEO Vikram Pandit to build up the business months before the financial crisis erupted. Citigroup took the largest bailout of any U.S. lender and many clients left, derailing those plans.