A struggle at the top of Citigroup's equities division several months ago resulted in the departure of the bank's global head of cash trading. Executives disagreed over how integral a role the firm's central risk book should have in its overall equities strategy and how it would interact with clients. The dispute is a window into Wall Street's latest fad, as banks turn to central risk books as a lifeline for cash equities trading desks suffering from shrinking commissions and new research...


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