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Citi combines its stock trading and prime brokerage business

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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

NEW YORK (Reuters) – Citigroup Inc (C.N) 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.

“As the industry continues to consolidate and margin pressures intensify, clients are looking for solutions that deliver best-in-class services,” co-heads of markets and securities services Carey Lathrop and Andy Morton wrote in an internal email seen by Reuters.

“We believe that now is the time to create an integrated offering supporting the pre-trade, execution and post-trade requirements of our clients,” he added.

The combined business will include broad trading and execution capabilities in addition to financing, hedging, clearing, and custody services, the memo said.

Many other banks already have combined such units.

Citi’s markets and securities services division has been shaken up in recent months as Citi streamlines businesses to better serve the evolving needs to clients. Last month, Citi combined its Foreign Exchange & Local Markets and G10 currencies businesses into one unit.

Reporting by Imani Moise; editing by Jonathan Oatis and Sandra Maler

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