People left Citadel Securities' semi-systematic equities team, despite the non-compete
If you leave Citadel Securities or other electronic trading firms (Jane Street excepted) and were even vaguely senior, you will likely have a long non-compete. Two years out of the market are not unheard of. Nonetheless, at Citadel Securities people seem have stepped away.
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The steppers include Theodore (Ted) Schiffman, Citadel Securities' former head of semi-systematic equities, who left in January after seven years, and John Harrap, a self-described "portfolio manager" on Schiffman's team, who left soon after in March. Both were based in New York. Last May, Stuart Currey, head of APAC systematic trading at Citadel Securities joined Millennium.
It's not clear why Schiffman and Harrap are going or where they're going to. Bloomberg reported Schiffman's exit on the terminal in February. Neither Schiffman nor Harrap responded to a request to comment, and Citadel Securities declined to elaborate.
Revenue at banks' equities sales and trading businesses has soared amidst recent volatility and Citadel Securities can be expected to have benefitted too. Bloomberg reported yesterday that Citadel Securities has had record days of trading volume in April. In April 2024, the firm said it was executing more than $400bn in trades a day. That's since increased to $503bn.
The corresponding revenue growth might be expected to encourage increased hiring. Citadel Securities' full year trading revenues also rose by 55% last year to a record $9.7bn. However, Citadel Securities generates its revenues with comparatively few employees. Last time we looked, it employed a mere 1,600 people.
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