Three senior equity analysts have left Citigroup in London. Robert Mocatta, co-head of telecommunications research; Lionel Rayon, a technology analyst; and Charles Nichols, co-head of retail research, were all managing directors.
A Citigroup spokeswoman said: 'We are making limited staff reductions consistent with two fundamental objectives - keeping expenses low while continuing to invest in areas where we see growth opportunities.' She declined to comment further.
Rayon, reached at home, declined to comment. Mocatta and Nichols could not be reached.
The moves come as investment banks are making deep cuts in their equity research departments as they struggle to justify having big teams under a tougher regulatory environment.
Citigroup plans to cut 1,400 jobs from its corporate and investment banking unit in the first quarter as a result of a 62% plunge in net income at the unit last year.
A banking source said Terence Sinclair, co-head of telecoms research, and Richard Edwards, co-head of retail research, are expected to assume sole responsibility for their respective teams.
Mocatta joined Citigroup's former Salomon Smith Barney unit in 2000 from Credit Suisse First Boston, with a team of six telecoms analysts. Salomon Smith Barney recruited Nichols from HSBC in 1999.