Citi's superstar global head of research is leaving
Lucy Baldwin, Citi's global head of research, is understood to be leaving the bank.
Baldwin, who joined Citi in 2021, is thought to have another role lined up and to have resigned today. She didn't respond to a request to comment and Citi declined to comment.
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Baldwin is British and has long been a star woman in equity research. She began her career at Cazenove before joining Goldman Sachs, where she became co-head of European equity research and a managing director aged only 27. She then moved to BofA - where she was head of European equity sales, and to Credit Suisse before joining Citi.
Baldwin is now in her early 40s. In a memo seen by eFinancialCareers, David Livingstone, Citi's chief client officer, said Baldwin had been a "driving figure" for research and had attracted "excellent talent to the research team." Citi is already in the process of identifying a replacement for Baldwin said Livingstone. In the short term, her role will be covered by Robert Rowe.
Speaking on a podcast five years ago, Baldwin said she grew up in a tiny town in Shropshire, was nudged into applying for finance jobs by her boyfriend at university, and became interested in the industry after reading Barbarians at the Gate. She was initially interested in corporate finance jobs before discovering equity research.
Early in her career, Baldwin said she was "in a hurry" and very focused on repaying her student loan and saving money to buy a house. She said she was really fortunate that the sector she covered early in her career was very popular. "It enabled me to build a brand as an analyst quite quickly," she added, noting that she also benefitted from partnering with established analysts and co-authoring notes.
The first time she was up for an MD promotion at Goldman Sachs, Baldwin said she didn't make it. In that moment she was disappointed, but in the context of a long career she says it was inconsequential. In retrospect, she says her job took over her life at some points. "I'm definitely much better at keeping those things in check."
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