CITIGROUP is understood to have lost three of its leading European equities analysts in the last month, following yesterday’s confirmation that the bank’s head of insurance research has left the US firm.
Raghu Hariharan has jumped ship to become director of investor relations at Prudential, one of the firms he covered in his old job.
In addition Peter Atherton, head of European utility sector research, and Gunnar Plagge, head of European technology research are understood to have left the firm in recent weeks following a round of job cuts, according to Financial News.
A spokesman for Citigroup declined to comment on Atherton and Plagge but told City A.M. that the bank remains “fully committed to our leading equity research division”. Last month the firm’s core Citicorp unit posted a six per cent increase in first-half net income, with much of the gains ascribed to a policy of cost cutting at the bank.