Dirk Keijer has left Citi as part of a round of redundancies, in the same week that former equities MD Ardith Lindsey sues for sexual harassment, alleging that the bank encouraged a “locker room environment” on the trading floor in which women were “treated as sexual objects”.
Dirk Keijer, head of EMEA equities sales at Citi, has left the bank, BEST EXECUTION can confirm. He will not be replaced, with Quentin Andre stepping up to take on the role in addition to his current duties as head of global derivatives and Delta One.
Bank restructuring
Keijer is the latest in a string of departures: with Marc Pagano, head of emerging markets credit trading, and Adrian Lui, head of spread products trading for Asia Pacific, also leaving the firm this week. In September David Lackenby and Mark Brodie, both events-driven sales traders, left the firm; while in August convertible bond traders Brendan Clarke and Thierry Anid departed. Also this week Citi’s co-chief information officer, Stuart Riley, left to become global chief information officer with HSBC.
The bank has slashed over 7,000 in headcount since January – around 3% of its total workforce – as part of CEO Jane Fraser’s new radical restructuring program. The latest stage, announced in a statement earlier this week, will “eliminate management layers” and remove “unnecessary complexity” to achieve a simplified operating model that the bank said has involved “some difficult, consequential decisions”. Over 300 managerial positions are expected to be cut.
“Locker room environment”
The news comes the same week that Citi’s former Americas head of electronic sales trading, Ardith Lindsey, filed a 45-page lawsuit against the bank, citing “horrifying sexual harassment, gender discrimination, and sexual assault” during her 15-year tenure in the global equities markets division, which she alleges has left her with post-traumatic stress disorder (PTSD) and unable to work.
The lawsuit, which was filed on Monday 20 November, claims that senior male executives created an environment “openly and notoriously hostile” to women, a situation it says the bank “knowingly tolerated”.
“Within the bank’s equities division, Citi has permitted, and, in some instances, has encouraged a locker room environment on its trading floor in which men have treated women as sexual objects and denigrated their accomplishments,” said the document, which has been seen by BEST EXECUTION.
Alleged harassment
“Citi will defend against Ms. Lindsey’s claims in court,” said Citi in a statement. “Setting aside what we think are the merits of any individual claim, however, our values and expectations are clear – no one should ever be discriminated against or harassed in the workplace. Our colleagues should feel confident they can raise concerns about themselves or others without fear of retribution, and decisive action must be taken when unacceptable behaviour takes place. We regularly review and update our policies and look for innovative ways to ensure they are understood and followed by all colleagues.”
Lindsey claims that the male employees ranked and rated the appearance of their female peers, openly discussed which they would have sex with, commented on their bodies, mocked the bank’s sexual harassment trainings, and excluded women from professional opportunities. The suit also claims that the bank ignored complaints made by multiple women regarding these violations, allowing men within the equities division to “regularly flout the anti-discrimination and harassment laws without consequence”.
The lawsuit specifically claims that former global head of platform sales, and head of cash and futures execution, Mani Singh, one of the most senior figures in the equities division, forced Lindsey into a relationship with him using his position of power and threats to her family, which ended in a barrage of abusive messages. According to Lindsey, the bank “attempted to silence” her claims when she reported the abuse. Singh resigned voluntarily soon after Lindsey showed the bank a series of 30 messages, says the filing.
The lawsuit alleges multiple other instances of sexual harassment involving other women at the firm including homophobic remarks to former MD Jackie Moran and “unwanted flirting” from global head of equities, Fater Belbachir.
Citi response
“With regard to Mr. Singh, the conduct detailed in the complaint is deplorable, but the relationship Ms. Lindsey describes differs significantly from the accounts she previously provided to Citi,” the bank said in a statement provided to BEST EXECUTION. “When questioned several years ago about a large financial transaction between them, Ms. Lindsey described Mr. Singh as only a friend and, last year, when she reported the vile text messages to us, she described the relationship as having been consensual. We immediately placed Mr. Singh on leave and began an investigation. Mr. Singh resigned within days, before the investigation could be completed.”
Global head of markets, Andy Morton, yesterday circulated a note asking traders to “act decisively” and speak up if they see any inappropriate behaviour. “Part of everyone’s role in creating a culture of the highest standards involves stepping in at the moment we see something wrong,” said the memo.
In 2022 Citi introduced new diversity goals for gender, race and sexual orientation in workforce, including aiming “to boost global representation of women in assistant vice president to managing director levels.” It also claims to be the first bank to disclose adjusted pay results.
Singh could not be reached for comment.
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