Citi Said to Shake Up Europe Equities Unit

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Citigroup has promoted Imraan Moola and Rory Hill to run equity-derivatives trading in Europe, replacing the region’s equities boss Ronan Connolly, two people familiar with the matter said.

Bloomberg reports that Connolly exited Citigroup after his unit underperformed, said the people, who requested anonymity because details of the overhaul aren’t public.

Moola and Hill are assuming Connolly’s duties for equity derivatives. The New York-based bank also hired Yonatan Gozdanker earlier this month to take on Connolly’s responsibilities for cash equities.

The shakeup is Citigroup’s latest attempt to improve the performance of its equities division after new Chief Executive Officer Michael Corbat, 52, pledged to make the bank more efficient. The equities unit, run from London by Derek Bandeen, is among the smallest of the top 10 global investment banks, according to research from analytics firm Coalition Ltd.

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