Citi combines its stock trading and prime brokerage business

Citi combines its stock trading and prime brokerage business

Citigroup is combining its stock trading business with its prime brokerage unit, which caters to hedge funds, private equity firms and other investors.

FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto
FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

REUTERS: Citigroup is combining its stock trading business with its prime brokerage unit, which caters to hedge funds, private equity firms and other investors.

The new unit, named Equities and Securities Services, will be co-led by Dan Keegan, Okan Pekin and Murray Roos. Keegan will also become head of markets and securities services for North America in addition to the new role.

Many other banks already have combined these units.

(Reporting by Imani Moise; editing by Jonathan Oatis)

Source: Reuters

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