Citigroup is said to have let Richard Cookson, chief investment officer of its private bank, go, as the firm pares costs.
Citigroup will no longer rely on one person to lead the firm’s investment strategy and will instead seek to 'better leverage the existing in-house expertise across Citi', including its markets and banking research teams, the New York-based firm said in an internal memo, a copy of which was obtained by Bloomberg News.
Bloomberg also reports that Steve Oplinger, co-head of U.S. high-yield sales at Credit Suisse, is said to haveleft the bank amid a disagreement over his group’s compensation, two people briefed on the matter said.
The news organisation also reports that former Goldman Sachs partner Jason Cahilly was named the National Basketball Association’s chief financial officer and vice president of strategy.
Cahilly, most recently a partner and global co-head of media & telecommunications within Goldman’s investment banking division, will report to Adam Silver, the NBA’s deputy commissioner who takes over the top job in February 2014. He will begin work on January 14th, according to the NBA, which has annual revenue of more than $5bn.
Gregory Torretta, a 29-year industry veteran, filed the claim in 2011, initially seeking $4.5m in damages.
Finally, Bloomberg reports that Royal Bank of Canada has hired former Citigroup analyst Mark Mahaney as a managing director covering Internet stocks.
Mahaney, 47, will be based in San Francisco and report to Marc Harris, co-head of global research, Toronto-based Royal Bank of Canada (RY) said in a statement.
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