Citi combines its stock trading and prime brokerage business

) is combining its stock trading business with its prime brokerage unit, which caters to hedge funds, private equity firms and other investors.

The New-York based bank will also lay off hundreds of equity and fixed-income traders globally in response to weak revenue trends, according to a Bloomberg report that cited sources familiar with the matter.The new unit, named Equities and Securities Services, will be co-led by Dan Keegan, Okan Pekin and Murray Roos. Keegan will also become head of markets and securities services for North America.

“We believe that now is the time to create an integrated offering supporting the pre-trade, execution and post-trade requirements of our clients,” they wrote.

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