Citi makes a number of cuts to its cash equity trading team in London

Two of the people leaving the bank were part of the event driven trading unit, specialising in mergers and acquisitions and corporate events.

Wall Street giant Citi has made a number of cuts to it cash equities trading business in London, according to two people with knowledge of the matter, The TRADE can reveal.

David Lackenby, an event driven sales trader based in London, has left the bank, as has Mark Brodie, a trader, also specialising in event driven strategies, the people said.

Tracey Brown, a director and a high touch sales trader covering pan-European markets, has also departed the business, the people said, who spoke on condition of anonymity as the matter is private.

Lackenby, Brodie and Brown didn’t respond to a request for comment by time of publication. Citi declined to comment.

Lackenby joined the bank two years ago from broker Market Securities. Prior to this he worked at financial services firm Cantor Fitzgerald for thirteen years.

Brodie enjoyed stints with brokers BTIG and United First Partners before joining the US bank two years ago.

Brown had worked at Citi for sixteen years, before this she was employed by German rival Deutsche Bank.

The US bank said last week that it would cut management roles and other jobs in a wide reorganisation that was designed to give CEO Jane Fraser more direct control of the financial services behemoth.

Citi is the latest bank making cuts to its trading and investment banking unit. Barclays is planning to cut about 5% of client-facing staff in its trading division, according to reports earlier this month. US rival Goldman Sachs is also said to be planning another round of job cuts for underperforming employees, the Financial Times recently reported.