Citadel Securities' salaries and bonuses up in London as profits rise 130%
Citadel Securities isn't a public company, yet, and so the extent to which it's hiring and growing and making money globally isn't in the public domain. In London, however, Citadel Securities Europe (Limited) files reports with Companies House and its newly filed report for 2022 suggests things are going well.
Revenues rose 54% to $499m for Citadel Securities Europe in 2022 as the firm made markets for its clients amidst the volatility of the Ukraine war. In the process, Citadel Securities Europe displayed the kind of 'positive jaws' bank CFOs can only dream of: profits rose 131% to $114m.
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It probably helps that less than half Citadel Securities' operating costs are the result of paying employees. As revenues rose, the firm hired an extra 34 people, bringing its total London headcount to 177. It paid them an average of $685k (£564k) each in salaries and bonuses, up from $622k in 2021.
The company said it has to pay well in order to attract, "the best and brightest talent from all backgrounds.” It's a "meritocracy." Nonetheless, there are signs that the structure of London compensation might be changing: last year, Citadel Securities Europe spent £15m on share based payments; the year before, staff were paid only cash salaries and bonuses.
Citadel Securities' London staff are mostly split between front office salespeople and traders and technology and admin staff. Last year, it had 77 people in the first category and 104 in the second.
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