Citadel Securities is cutting 25 to 30 jobs, including senior managing director Matt Cushman, as it consolidates the technology and support teams linked to its automated trading operations, a person familiar with the situation said on Wednesday.
Citadel spokeswoman Katie Spring confirmed the cuts were taking place. Citadel Securities is a unit of Citadel LLC, which also runs a market-making business and one of the world's largest hedge funds.
The cuts amount to up to 10 percent of the workforce of Citadel Securities and will happen mostly in New York, but also in Chicago and Palo Alto, Calif., the person said.
Citadel identified overlapping positions supporting its retail and institutional trading business during its annual business review at the beginning of the year, the person said.
Cushman was a high-profile hire from Knight Capital Group, along with Jamil Nazarali, in 2011.
Despite the restructuring of the unit, Ken Griffin, Citadel's chief executive, does not plan on pulling back from the trading business, the person emphasized.
"If anything Ken wants us push more into that space."