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.
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.
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