Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – Michael Pringle, Citigroup Inc. (NYSE:C)’s global head of Equities Trading will be leaving the firm to join the $15 billion hedge-fund firm Moore Capital Management LP, run by Louis Moore Bacon – reported Bloomberg. Though Pringle didn’t return a phone call and e-mail seeking comment, it has been confirmed by Jeffrey French and Sharron Silvers, spokesman at Citigroup and spokeswoman at Moore, respectively. Citigroup’s global head of equity sales, Adrian Faure also left this year.
Pringle was promoted as head of equities for EMEA (Europe, the Middle East and Africa) in 2009 and in 2011 he was name as global head of Equities Trading. He was reporting to global head of Equities, Derek Bandeen, also based in London. At Moore, Pringle will be joining Matthew Carpenter who was also heading one of the equity units at the Citigroup.
Equity Trading Shake-up
Pringle retained his title despite a shake-up of the equities trading segment in 2012; however, he was more focused on Delta One trading. Citigroup Inc. (NYSE:C) appointed Simon Yates as global head of Equity Derivatives while promoting Daniel Keegan to global head of Cash Equities. The bank recently named Kevin Russell to lead global cash trading the next year. Amid a decline in share-trading volume and subsequent commission, Citigroup intended to push higher margin equity solutions with Pringle. The bank reported 22% revenue growth from stock trading last year; however, sales were unchanged in 2012 and slid 35% in 2011.
May Face Tough Time in Russia
Citigroup Inc. (NYSE:C) among other U.S. banks may face harder time to compete in Russia given the absence of top executives in President Vladimir Putin’s economic forum, remarked President of the American Chamber of Commerce, Alexis Rodzianko. Recently it was reported that Michael Corbat, CEO of Citigroup and Lloyd Blankfein, CEO of Goldman Sachs Group Inc. (NYSE:GS) were represented by others.
On Friday, the stock of Citigroup Inc. (NYSE:C) gained $0.32% and closed at $47.29. The stock traded with nearly half the volume of 9.57 million shares against its 30 day average trading volume of 18.61 million shares. The stock has delivered close to 9% negative returns, year to date.