(Bloomberg) -- Several senior traders are departing Citigroup Inc. as part of the Wall Street giant’s sweeping restructuring.
Marc Pagano, head of emerging markets credit trading, and Adrian Lui, head of spread products trading for Asia Pacific, are among those leaving the firm, according to people familiar with the matter. Dirk Keijer, head of equities trading for Europe, has also departed, the people said, asking not to be named discussing personnel information.
Under Chief Executive Officer Jane Fraser, Citigroup has embarked on a massive restructuring that’s set to eliminate five layers of the bank’s management structure. This week, the firm began eliminating more than 300 senior manager roles as part of her efforts to simplify Citigroup and ultimately boost the bank’s lagging returns.
“As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions,” Citigroup said in a statement, which didn’t disclose the number of cuts or names of those involved in the changes. “We believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
Pagano, Keijer and Lui didn’t immediately respond to requests for comment.
Fraser kicked off the restructuring in September, when she scrapped the firm’s two longtime core operating units and eliminated the three regional chiefs who oversaw operations in about 160 countries around the world.
At that time, she appointed Ernesto Torres Cantu as head of international and Peter Babej as interim head of a newly-created banking division that housed the firm’s investment banking, corporate banking and commercial banking units.
The firm made Ignacio Gutierrez-Orrantia the cluster and banking head for Europe under Torres Cantu and Babej, according to documents seen by Bloomberg. Jens Welter, his former co-head of banking, capital markets and advisory for Europe, the Middle East and Africa, is now head of investment banking for the UK as well as the Europe, the Middle East and Africa region, the documents show.
“Our pipeline remains strong, and we expect activity to consistently pick up across M&A and capital markets,” Torres Cantu and Babej said in a memo to staff seen by Bloomberg. “Looking beyond episodic activity, our corporate bank is driving integrated client deliver in a challenging macro environment — and with it long-term relationship revenue — while the commercial bank is continuing its strong momentum and embedding profitable growth for our broader franchise.”
--With assistance from Cathy Chan.
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