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citi's top dealmaker departs amid management changes and market volatility
Citi's global asset managers team head, Anthony Diamandakis, has left the bank amid management changes and the arrival of co-head Ashu Khullar. Meanwhile, Citadel Securities is expanding its senior rates sales team by hiring managing directors from Goldman Sachs and JPMorgan as market volatility increases. Other banks, including UBS and Barclays, are also making strategic moves, with UBS threatening to relocate its headquarters over capital requirements.
banks face job cuts amid staffing challenges and market uncertainties
Morgan Stanley plans to cut about 2,000 jobs, representing over 3% of its investment banking staff, following similar moves by Goldman Sachs and Bank of America due to an unexpected lack of deal activity. Despite these reductions, the bank continues to hire at senior levels in anticipation of a market recovery.In a related note, Citigroup's latest proxy statement reveals that COO Anand "Selva" Selvakesari has dropped from the list of top-paid executives, likely due to a lower payout from the Transformation Bonus Program amid ongoing challenges in risk management and regulatory relations.
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