* Cuts amount to up to 10 percent of Citadel Securities'
* Matt Cushman, senior managing director, was included in
* The affected jobs were seen as overlapping with other
NEW YORK, March 6 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, 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."