Citadel Opens New Office for Star Hire Amid JPMorgan Expenses Case

Citadel Securities has made a significant move by hiring Alexey Poyarkov from TGS Management Company LLC, a secretive quant trading firm in California. What's remarkable is that Citadel will be opening an office in Irvine, where TGS is based, to accommodate Poyarkov and his new team. The company claims this is a one-off arrangement for Poyarkov's exceptional talent, but it could signal a change in strategy.

Poyarkov, a two-time math Olympiad gold medallist, was subject to a bidding war when TGS hired him in 2016 and was reportedly told he could earn $700k in his first year. Citadel is expanding its quantitative investment organization with Poyarkov at the helm, running a new team focused on systematic trading of global equities.

Meanwhile, another JPMorgan employee, Brian Larson, claims to have been targeted by an expenses case and subsequently let go after being queried over $40 in Uber rides. Larson alleges he was discriminated against due to his sexual orientation and is suing the bank.