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United States News Title: Mass Layoffs Coming In Ken Griffin's Citadel Securities, Says Tipster Mass Layoffs Coming In Ken Griffin's Citadel Securities, Says Tipster Courtney Comstock | Oct. 6, 2010, 9:10 AM Citadel Securities was Ken Griffin's big dream -- he wanted to make the next Goldman Sachs. Now an anonymous tipster tells us that the business is slowly being dismantled and there will be a series of mass layoffs in the fixed income department in next few days. The tipster didn't give too many details, and we're still waiting to hear back from Citadel's media rep, so for now let's just talk about why this might be happening. At its launch in 2008, Citadel Securities received glowing reviews from the business press heralding Citadel Securities the next big thing in investment banking. Citadel Securities will be “one of the great sales and trading operations” within five years, he said in a September 2009 interview. His efforts have been plagued with mass turnovers at the top levels of the business' executive management (Robert D'Souza, the president, quit after just a year. A total of 4 top execs have left in the past couple of years), and the impossibility of starting an i-bank that can compete with firms like Goldman Sachs from scratch. Like Dushyant Shahrawat, a senior research director at TowerGroup, a financial-services research firm, told Bloomberg in May: “While Citadel has a tremendous name as a market-maker and hedge-fund manager, they are a relatively unknown brand in the investment-banking world." But even after all the turnover, Griffin stayed tough and pledged to pursue the investment bank. Now, these are the guys at the top: * Chris Boas (head of credit markets) paul-pepe Paul Pepe * James Boyle (co-head of equity derivative trading) * Andrew Kolinsky (the President of Citadel execution services) * Brad Kurtzman (co-head of equity derivative trading) * Brian Maier (co-head of investment banking) * Carl Mayer (head of leverage business) * Paul Pepe (head of equity capital markets) * Craig Stine (co-head of investment banking) * Brennan Warble (head of institutional sales) And if our tipster is right, some of them, Chris Boas in particular, because he works most closely with fixed income, won't be for long. The tipster told us this: The fixed income group and in particular the distressed group got hit with a bunch of losses connected to some high yield loans. The layoffs will be in the next few days, and they are connected to a wider dismantling of Griffin's Citadel Securities. The tip also makes sense because a number of Wall Street firms have been laying people off lately. Bank of America kicked off the start, firing 5% of its workforce. Then Morgan Stanley announced a hiring freeze and RBS cut 500 i-banking jobs in London. And earlier this week we heard that 10% of DE Shaw was cut - 150 people at all levels, even portfolio manager. And then the Wall Street job massacre continued at Knight Capital, a capital markets firm in New Jersey, just a couple of days ago. Are there more to come? Meredith Whitney sure thinks so. She predicts 80,000 job cuts coming in the US financial industry alone. Read more: http://www.businessinsider.com/ken-griffin-citadel-securities-layoffs-fixed-income-2010-10#ixzz11avGXB35
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Leeches losing their jobs? Boo-hoo.
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
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