Citigroup Markets Government Leaves to Start Fintech Financial investment Fund

Citigroup’s equities-investing company very long lagged powering its powerhouse fastened-revenue operations.



Photograph:

Victor J. Blue/Bloomberg News

Dan Keegan,

a top

Citigroup Inc.

C .57%

marketplaces executive, is leaving the bank to start off an expense fund targeted on fiscal-know-how companies, in accordance to an inner memo.

Mr. Keegan held quite a few roles aiding build up Citigroup’s equities-trading business enterprise more than 15 years. Most not too long ago, he was the head of all North American markets, a statesmanlike purpose serving as the bank’s consultant to major clientele.

Citigroup’s equities-investing company prolonged lagged at the rear of its powerhouse preset-profits operations, and the financial institution faced tension from buyers to demonstrate the enterprise was pulling its body weight. The bank has climbed to fifth location in market share for equities.

Mr. Keegan joined Citigroup when the bank obtained Automatic Trading Desk, the organization he assisted lead, in 2007. At Citigroup, he rose to co-head of world wide equities and afterwards helped lead a because-scrapped work to incorporate its equities and securities-products and services organizations to strengthen customer demand from customers.

He pushed new technological innovation for trading functions. He has also been part of the reaction to regulatory orders issued in late 2020 pushing Citigroup to improve its inside techniques, an expansive energy the bank is betting on technologies to assistance.

That place him in the middle of the bank’s discussions with technological innovation startups. Fintech providers attracted $210 billion in new investments previous 12 months, in accordance to KPMG.

Citigroup named

Mike Saraceni,

who qualified prospects investor revenue and marriage management for North America, as interim head of the area. The financial institution will start a research for his alternative, in accordance to the memo from the world wide marketplaces co-heads

Carey Lathrop

and

Andy Morton.

A lot of are calling decentralized finance, or DeFi, the “Wild West of finance.” This speedy-rising field aims to give automated banking products and services for cryptocurrencies to all people, with no center gentlemen. But DeFi is still in its early stages, which means there are threats. WSJ points out. Picture illustration: Tammy Lian/WSJ

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Appeared in the March 12, 2022, print edition as ‘Citigroup’s Keegan Leaves to Commence Fund.’

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