Bloomberg News

Citigroup’s Russia Research Chief Quits as Pandit Cuts Start

December 13, 2011

(Updates with Zorov and Akimov in fifth paragraph)

Dec. 13 (Bloomberg) -- Citigroup Inc.’s Russia research chief Mikhail Seleznev said he quit as the U.S. bank begins to cut 4,500 jobs worldwide to control costs.

“I’ve decided to leave the company,” Seleznev said by phone in Moscow today, declining to give a reason. His departure follows that of colleagues including sales trader John Heisel.

“As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi,” said Denis Denisov, a Moscow-based spokesman for the bank, by e-mail. “Russia is a priority market for Citi and we continue to invest in our businesses and hire new talents.”

Seleznev rejoined Citigroup in 2009 after leaving in 2008 to join Deutsche Bank AG in Moscow as co-head of research.

Other departures include equity traders Alexander Zorov and Sergey Akimov, according to Citigroup director Pavel Zinoviev, who answered Zorov’s phone today.

Citigroup Chief Executive Officer Vikram Pandit said Dec. 6 that he aims to cut 4,500 jobs as part of a bid to trim costs amid slumping revenue and what he called “unprecedented” market conditions.

--Editors: Brad Cook, Alex Nicholson.

To contact the reporters on this story: Jason Corcoran at Jcorcoran13@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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