This week saw the departure of two of Citigroup’s most senior investment bankers, Robert DiFazio and Arthur Hyde, who were co-heads of Citigroup’s global equities division.
The bank’s decision to “move in a new strategic direction” was the rationale supplied by Charles Price, the head of Citigroup’s investment bank, in an internal memo.
The decision was clearly bad news for Messrs DiFazio and Hyde, but it surely brought blushes too at Euromoney, which had quite astonishingly annointed this very division at Citigroup the most improved equity house in 2002.