Ken Griffin, founder of the $11 billion hedge fund Citadel LLC, is firing the last of the sales people and traders in his securities business as it focuses on electronic trading, according to two Bloombger people briefed on the dismissals.
The firings today of about two dozen employees come two weeks after Griffin’s New York-based Citadel Securities said it was shutting its equity-research group and its investment bank, ending a three-year effort to build a business that the hedge- fund manager said would rival Goldman Sachs Group Inc.
Griffin, 42, founded Citadel Securities in late 2008 to offer underwriting, stock, bond and derivatives trading and advice on mergers, acquisitions and restructurings. After the business failed to gain traction, Citadel decided to concentrate on building its computer-based trading for institutions as well as its options and equities market-making operations, which started in 2002…
Read more about this at http://www.bloomberg.com/news/2011-08-24/citadel-securities-said-to-be-firing-two-dozen-employees-in-sales-trading.html
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