Citadel Securities taps former Goldman banking boss Jim Esposito to be its first-ever president — here's what he'll be focused on

Esposito announced in January that he'd step down from his full-time role at Goldman after almost three decades at the storied bank.

His role as president is a brand new one, the representative added. Esposito was tapped both because of his decades on Wall Street and because he was already known to Citadel leadership via the firm's longstanding relationship with Goldman.

In a statement, Esposito, who previously sat on Goldman's management committee and served as co-chair of its partnership committee, said he was "excited" to join Citadel Securities, which he called "a next generation capital markets firm with world-class talent and cutting-edge analytics and technology."

"For over 20 years, I have partnered with its principals across a variety of successful initiatives, and I look forward to helping define and drive the firm's ambitious growth plans," Esposito added.

When he departed Goldman earlier this year, Esposito looked back wistfully at his run with the bank, writing in a note to partners and clients: "As the pace of innovation accelerates at a mind-blowing speed, there's a strong pull to explore new adventures," but noting that even as he did, "I will bleed Goldman Sachs forever."

On Thursday, Goldman's global head of corporate communications, Tony Fratto, said on behalf of the bank: "Jim was a terrific leader at Goldman throughout his career. We all wish him well and look forward to new opportunities to work together."

Another win for Miami's growing financial-services community

As part of his new role, Esposito will join the ranks of a wave of financiers trading their offices in the Big Apple or Canary Wharf for the warm weather and endless sunshine of South Florida.

Indeed, Esposito will relocate from London, where he had been based while at Goldman, to Miami. While Citadel Securities is distinct from its sister hedge fund, Citadel, Esposito's transition comes as a wave of Goldman alumni cross over to the buy side, joining the ranks of elite public investment firms like Citadel and Millennium.

Citadel founder Ken Griffin has previously cited Goldman's rigorous training for junior bankers as a model for cultivating top talent.

"Throughout his storied career, Jim has been renowned for developing deep relationships with his clients and partners, building industry-leading businesses, and leading winning teams," Zhao said in an additional statement shared with BI. "We are thrilled to welcome Jim to Citadel Securities during a period of significant expansion and opportunity for our firm."

Citadel Securities, a market maker, helps facilitate trading between buyers and sellers. It serves asset managers, banks, and other hedge funds. Its revenue swelled to $2.3 billion in the first quarter of the year, Bloomberg reported. Bloomberg News earlier reported Esposito's appointment to Citadel Securities on Thursday.

Meanwhile, the company's footprint in Miami is expanding. Overall, it counts some 1,600 employees in 15 offices worldwide and is on track to have approximately 275 of them stationed in Miami by the end of 2024. Other key leaders based in the Sunshine State include CEO Zhao, its chief technology officer, and its chief people officer.

Ken Griffin, the billionaire hedge fund founder of both the asset manager Citadel as well as Citadel Securities, relocated his companies' headquarters to the Magic City in 2022. Previously, they were based in Chicago.

Miami has become an increasingly important base of operations for financiers in recent years following a boom in Covid-era transplants to South Florida. Other hedge funds with footprints in South Florida include Elliott Management, Point 72, Millennium, and Balyasny.