A Week After Ken Griffen's Heartfelt "Grandma" Letter On Employee Retention, Three Key Citadwellers Pick Up And Leave
It was one short week ago that a visibly emotional Ken Griffen was regaling investors with stories of his grandmother. Inbetween heartfelt recollections of childhood memories, the man who tends to be surprisingly close to the New York Fed when the Dow is not quite generating the desired wealth effect, Griffin interjected the following note on the "strength" of the Citadel team: "We begin our third decade with the strongest team that I have ever assembled. Our professionals have seen the firm through the unprecedented challenges of 2008, when many could have left for other ventures. They stayed committed to Citadel because of who we are and what we represent: an entrepreneurial, results-driven meritocracy that is changing the face of modern finance." It appears something has drastically changed in this whole "results-driven meritocracy" because over the New Year's weekend, three of the most important people at Citadel picked up and left.
Chris Boas, Brad Kurtzman and Carl Mayer, senior executives at the investment banking unit of Ken Griffin's Citadel LLC, have left the firm. Boas was head of credit markets for Citadel Securities. Mayer was head of leveraged finance and Kurtzman ran equity derivatives sales and trading. Devon Spurgeon, a spokeswoman for Chicago-based Citadel confirmed the departures.
That said, we now look forward to hearing just how much of an inspiration to Ken's corporate culture his great grandfather, twice removed may or may not have been. And while here we would inquire just how is Citadel's whole lawsuit against Misha Malyshev: the only (HFT) trader in the firm who made money for Citadel in 2008, going, speaking of dedication to employees and yada yada.
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