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It’s a day for disappearances. First, came Chris Innes, U.S. head of equities at BNP Paribas. Now it looks like Raj Nagella, global head of equities at Citi has gone too.
There is no one with Nagella’s name on Citi’s internal directory and insiders say he’s left. Citi didn’t immediately respond to a request for comment on Nagella’s disappearance.
The exit comes after Citi’s equities sales and trading revenues declined nearly 11% year-on-year in the second quarter. At J.P. Morgan equities revenues were down just 1% over the same period.
Nagella joined Citi in 2008 after leaving Bank of America. He held various positions at the U.S. bank, including head of U.S. algorithmic trading products and head of the Americas execution platform. He was made global head of cash products in 2014.
Observers suggest Nagella’s exit is symptomatic of Murray Roos’s growing influence. Roos joined Citi from Deutsche in 2015 and is global co-head of equities with Dan Keegan. Nagella isn’t the only change at the top of Citi’s equities business this year. Ryan Gould, a former equities MD left to manage the central risk book at UBS in May and Tom Chippas joined as global head of quantitative execution from blockchain start-up Axoni in June (Chippas was formerly CEO of Citadel Technology LLC).