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Citadel Securities President Jim Esposito on Partnering With Small Banks (Full Interview)
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October 6, 2025
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8:12Now PlayingCitadel Securities has begun processing trades for small and mid-tier banks in a partnership aimed at providing them better pricing on fixed-income securities, according to President Jim Esposito.
“I think there are probably a hundred banks around the globe that want to service their end-user client in markets, jurisdictions, in places we’re never going to touch,” Esposito said in a Bloomberg TV interview from the sidelines of the firm’s conference on Monday.
For banks struggling to keep up with industry leaders such as JPMorgan Chase & Co. and Goldman Sachs Group Inc., which plow billions of dollars into recruiting talent and honing systems to compete on pricing, Citadel Securities is offering a way to continue serving clients and stay in the game.
“It’s still early days, but we’ve seen signs where this model can work,” Esposito, who joined Citadel Securities from Goldman Sachs. last year, said. “It serves the end-user client well, and it is servicing and allowing mid-tier banks to be much much more competitive against larger players.”
Esposito said Citadel Securities can provide the banks the liquidity needed to better service their clients, “and we’re starting to set up a mid-tier liquidity ecosystem to service these mid-tier banks.”
The market-making firm founded in 2002 by Ken Griffin, Citadel Securities matches buyers and sellers in the equity and fixed-income markets. The company serves asset managers, banks, broker-dealers, hedge funds, government agencies and public pension programs.
Citadel Securities came into prominence in the era of meme stocks, and is now responsible for handling more than a third of all US retail stock trades. It’s ramping up its presence across fixed income beyond interest-rate swaps and Treasuries to serve institutional investors in corporate debt trading, posting prices for investment-grade bonds.
The Miami-based firm reported a slump in second-quarter net trading revenue, but the firm still notched a record first half amid volatility caused by geopolitical tensions and the Trump administration’s tariff wars.
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