Discover your dream Career
For Recruiters

As Citi delays bonuses again, some senior equities people are out

As we noted yesterday, Citi still has quite a few of its 5,000 managerial job cuts still to go. It wants to complete these by the end of the first quarter. And it hasn't even started the 15,000 supplementary job cuts that will take it to its 20,000 target. 

Get Morning Coffee  in your inbox. Sign up here.

It's probably no coincidence, therefore, that on the same day that Citi was supposed to announce its delayed bonuses, which we understand have now been delayed again until tomorrow for some people, it's also cutting its next tranche of managerial jobs. 

Sources inside the bank say the latest departures include some senior equities professionals in New York City.

They include Tim Gately, the head of US equities sales who was cited in last year's gender discrimination lawsuit brought by ex-Citi managing director Ardith Lindsey. In her suit, Lindsey accused Gately - who is not a defendant in the case - of clapping Mani Singh, another former Citi MD with whom she'd had a relationship, off the floor and of saying how sad he was to see Singh go, despite being aware of the messages he'd sent her. Citi is contesting Lindsey's claims. It's not clear whether Gately's exit is related. He joined Citi from Goldman in 2010.

As well as Gately, Citi is understood to have cut Thomas Lynch and Matt Brady. Lynch was its global head of prime services sales and only joined Citi in 2022, after 25 years at Goldman Sachs. Brady was the head of Delta One sales, who joined from BofA in 2021. 

Citi declined to comment on the moves. Salima Habib is being appointed head of North America and Latin America equity sales. Habib was previously head of equity advisory sales and high touch sales trading for the US at Citi. Lynch's responsibilities are expected to go to Sebastien Mailleux and Tim Tomalin-Reeves, the co-heads of prime broking.

Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORSarah Butcher Global Editor
  • M&
    M&P
    16 January 2024

    Boo hoo, a bunch of overpaid suits are being let go. Good riddance!

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Articles
Recommended Jobs
Mason Blake
Global Equity Analyst
Mason Blake
London, United Kingdom
Edgworth Partners
Private Equity Associate - Direct Lending Fund
Edgworth Partners
London, United Kingdom
Paritas Recruitment - Data & Tech
Quantitative Researcher (Systematic Fund)
Paritas Recruitment - Data & Tech
London, United Kingdom

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.