Citi equities trader Armando Diaz fired after disagreement over central risk book

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Traders working on the floor of the New York Stock Exchange.

REUTERS/Brendan McDermid


Armando Diaz didn’t see it coming.

One Friday in March this year, Diaz, who had joined Citigroup two years earlier as its global head of cash trading and helped the bank claw back equities market share from competitors, was suddenly summoned to his boss’ office hours before US stock markets would open.

In an office looking out on the third-level trading floor, where baseball bats stand in a corner and a bottle of whiskey sits on a shelf, Dan Keegan, Citi’s cohead of global equities, delivered the news: Diaz was out of a job. …

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