Citigroup Equity-Trading Chief Russell Leaves to Join Clientby
Employees he supervised will keep current lines of reporting
Russell worked at Salomon Brothers before Travelers merger
Citigroup Inc. equity-trading head Kevin Russell left to become chief investment officer for an “important client” of the firm, according to a memo sent to the bank’s staff.
People reporting directly to him will maintain their regional and, in the case of derivatives and Delta One, product-reporting lines, according to the memo from Derek Bandeen, the bank’s global head of equities. Scott Helfman, a spokesman for New York-based Citigroup, confirmed the memo’s contents.
Russell had assumed the post at Citigroup last year. He spent more than two decades at the firm and the former Salomon Brothers, the investment bank acquired by Travelers Cos. in 1997 that later merged with Citigroup.
Russell’s departure is the third to emerge this month from Citigroup’s broader securities division. Michael Caperonis, the bank’s head of equities trading for the Americas, joined Nomura Holdings Inc., and Steven Kim, Citigroup’s former head of U.S. Treasuries trading, joined Jefferies Group LLC.
More than a half-dozen senior executives left Citigroup last year, including Russell’s predecessor in the role, Michael Pringle, who joined Moore Capital Management LP, the hedge-fund firm run by Louis Moore Bacon. Before succeeding Pringle, Russell led Citigroup’s equity trading for the Americas.
Business Insider reported Russell’s exit earlier Monday.