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Edward Ruff, Citi's allegedly shouty MD, was sometimes kind to juniors too

Edward Ruff at the analyst appreciation party, as imagined by MidJourney

Edward Ruff, the Citigroup managing director (MD) accused of shouting at junior bankers who joined on the diversity program, among others, is still on leave and Citi is still declining to comment about the events that led to him sitting at home with his family.

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While Ruff has attracted plenty of criticism for the alleged behaviour, which is said to have prompted a fellow MD to intervene on behalf of the juniors, he also has his defendants.

Writing on forum website Wall Street Oasis, one purported colleague of Ruff's said that Ruff organized the "analyst appreciation party for the entire group for several years in a row" and that he was better than some other managing directors in the equity capital markets (ECM) team who went out of their way to belittle juniors working long hours on their behalf. 

Ruff didn't respond to a request to comment on the affair. Citi declined to comment on the existence of the appreciation party. 

Ruff was based in New York and worked on the equity capital markets team, which appears to be a particularly demanding place to work. Sources say that Ruff is close to Douglas Adams, Citi's co-head of equity capital markets. Adams, who was promoted as co-head of global equity capital markets in 2019, is an energy and power banker - like Ruff. 

Another Citi insider said it's not uncommon for Citi MDs to berate juniors in all groups and that the behavior seems to be tolerated. However, a Citi vice president in the investment banking team, said Ruff's alleged behaviour isn't something he's witnessed during his time with the bank. "Yes, there are more and less pleasant people in banking, but that's not limited to Citi," he says. "I don't recognize that behavior as being something that occurs here." 

Ruff works on Citi's energy and power team in New York. One former colleague described him as "sometimes difficult." A post on the Litquidity Instagram account claimed that Ruff was sometimes angry with junior analysts. Another Litquidity post said it was the culture in that team and that a senior member of Ruff's group would "stay at his desk until 10pm just to keep juniors from leaving."  Some members of the team are said to be easier to deal with, however: one source told us that Dylan Tornay, head of Citi's energy transition, natural resources and industrials group, is a "sweet guy."

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AUTHORSarah Butcher Global Editor

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