Citi takes over JP Morgan's trading position
In the second quarter of 2025, Citigroup (Citi) reported a total markets revenue of US$5.9 billion, with equity markets contributing a significant US$1.6 billion to the total. This represented a 6% year-on-year increase in revenue from equity markets.
Notably, the equity markets' success at Citi came amidst a series of personnel changes. Anand Goyal, Hooi Wan Ng, and Andrew Bruce, who previously worked at JP Morgan, joined Citi in the APAC region last October. The specific roles or responsibilities they will undertake in their new positions at Citi are not disclosed.
Prior to joining Citi, Goyal, Ng, and Bruce were based in APAC, with Goyal specialising in high-touch trading. The reasons for their move from JP Morgan to Citi are not specified.
In another development, Karl Purdy, an equity trader at JP Morgan in London since 1999, has also joined Citi. The exact details of Purdy's new role at Citi are not provided. It is also unclear where Purdy was previously working before joining Citi.
The departure of Goyal, Ng, Bruce, and Purdy from JP Morgan and their subsequent joining of Citi is not part of a known larger trend or strategy for either firm. The overall performance of JP Morgan during the same period is not provided in this article.
It is worth noting that derivatives and prime brokerage performed well in US banks' Q2 equity results. However, specific details about Citi's performance in these areas are not available in this paragraph.
A person left Goyal, Ng, and Bruce in October 2022 and has since been staying in New York. The exact date when the US$1.6 billion was contributed from equity markets to Citi's total markets revenue in Q2 2025 is not provided.
