Two more execs go at Citi - report

Traders in charge of structured credit leave the company's investment bank in the wake of dismal third-quarter results.


LONDON (CNNMoney.com) -- Citigroup Inc. has ousted two executives responsible for the bank's mortgage-backed securities business, according to published reports.

The Wall Street Journal and Financial Times said Michael Raynes, head of structured credit, and Nestor Dominguez, co-head of collateralized debt, left Citi Wednesday.

The departures come after Citi (Charts, Fortune 500) took a $2.2 billion writedown in the third quarter related to sub-prime mortgage-backed securities and collateralized debt obligations.

Growing concerns about Citi's investment bank led the company to combine two of its investment units into one earlier this month. Tom Maheras, a veteran of Citi's capital markets business, left the firm as part of that shake up.

Pressure is growing on Citi CEO Chuck Prince following the ouster of Merrill Lynch's (Charts, Fortune 500) Stanley O'Neal. O'Neal stepped down from Merrill on Tuesday after the company reported a staggering $7.9 billion writedown due to bad mortgage bets.  Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.