Citigroup's decision may have been prescient.
Phil Drury and Doug Adams, then co-heads of U.S. equity capital markets focused on block trading, a corner of the trading business where razor-thin margins can quickly turn to big losses when markets sour, according to people close to the matter.
Citi plunged in the rankings for that part of the market during the third quarter to number eight, according to data provider Ipreo. The previously unreported numbers mark a big drop for a bank that has topped the list for U.S. block trading in seven of the last 11 quarters.
Citigroup's decision to scale back block trades in the third quarter was not influenced by any trading losses, people familiar with the matter said.
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