Early today, a rumor circulated that Citadel Securities would be making some considerable cuts to its fixed income unit, and that it would be possibly “dismantled.”
The firm is claims such is not the case. “Fixed income won’t be shut down– trading revenues are positive YTD,” we were told. “There aren’t going to be any mass layoffs. There will probably just be adjustments to the business that are routine.” Of course, this could very well be them quibbling over semantics– one firm’s “mass layoffs” are another firm’s “routine business adjustments.” It’s all relative. In related news, earlier this summer, circa July, we were told there’d been talk of shutting all of Citadel Securities, by the end of the year.
NYC > Chicago? (coming from a chicago guy)
Look, many great franchisees of today were sitting where you were sitting 15 years ago. Sure, it’s not trading or quanting, but how much did they pay you to give up on your dreams of washing dogs from a mobile trailer or making sandwiches or cleaning other peoples’ offices?
~Ryan Bingham
VP-Shitcanning / Great Lakes Region
Omaha Shitcanners, LLC
69 Dodge Street
Omaha, NE 68150
2010: when mass firings can be reasonably called “routine business adjustments.”
How many errors can you pack into one BI article? Surely this is some kind of record.
This is total nonsense. Bitches are going wild. G10 fixed investments are going to push them into the green as they are taking advantage of the inflated bond yields and interest rate swaps. Besides, until they can get rid of their E*Trade ‘Asset’ the only thing they will be closing are some IR girls at Spoon in Old Town.
Surely you’re joking about Spoon. That is so 2007. Now its OTS
Heard that Magnetar is going to take over the fixed income piece of Citadel’s hand.
- Dave
“trading revenues are positive YTD”
very good. negative revenues are difficult to achieve.
Au contraire, mon frère.
For the first nine months of 2008, FICC net revenues were negative $21.4 billion as strong revenues from rates and currencies were more than offset by: net losses related to U.S. super senior ABS CDOs of $9.8 billion; credit valuation adjustments related to hedges with financial guarantors of $7.2 billion; net losses related to the investment securities portfolio of Merrill Lynch’s U.S. banks of $2.9 billion; net losses related to certain residential mortgage exposures of $4.3 billion; net losses of $2.1 billion related to major U.S. broker-dealers and certain GSEs; and net write-downs related to leveraged finance commitments of $1.8 billion
-former merrill ficc trader now dish washer at Spoon
Thanks for the Tip. I’ll give you one too for San Francisco then – El colonial or Rickhouse is where you go.
Loser…..now go vote for Rham! You deserve him!
Loser…..now go vote for Rham! You deserve him!
Loser…..now go vote for Rham! You deserve him!
Loser…..now go vote for Rham! You deserve him!