Citigroup's head of equities, Derek Bandeen, is retiring, according to a memo reviewed by Reuters.
Citigroup equities-trading chief Derek Bandeen will leave after almost eight years at the bank, where he struggled to increase revenue and improve its ranking among the world’s largest stock-trading firms.
Bandeen, 53, who joined the New York-based company in May 2008, will stay on while the bank looks for a successor, Paco Ybarra, head of markets and securities services, said Friday in a staff memo obtained by Bloomberg.
In the meantime, Bloomberg also reports that JPMorgan Chase promoted Jason Scott to oversee investor relations, succeeding Sarah Youngwood, who was previously named chief financial officer of the consumer bank.
Finally, Goldman Sachs has promoted Scott Rofey to head its U.S. interest-rates business amid personnel turnover in that group.
Rofey, who was named partner in 2012, will lead the U.S. interest-rate products trading group, according to a March memo from Kostas Pantazopoulos, global head of interest-rate products, obtained by Bloomberg News.
Rofey was previously head of U.S. interest-rate swap derivatives trading, according to the memo, the contents of which were confirmed by Michael DuVally, a spokesman for the New York-based bank.