Citadel Securities, Ken Griffin’s market-making sister firm to multi-strategy hedge fund major Citadel has achieved its largest-ever trading revenue, surpassing some of Europe’s biggest banks including Barclays, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that firm’s full-year trading revenue surged 55% in 2024 to $9.7bn, up from $7.5bn in 2022, using Citadel Securities ahead of major lenders including Deutsche Bank and Barclays, though it still trails US giants such as Goldman Sachs and Bank of America.
The Miami-based firm also more than doubled its net income to $4.2bn, showcasing its continued expansion under CEO Peng Zhao. Zhao had hinted at the firm’s momentum nearly a year ago, citing strong growth from its expansion into new products and global markets.
Citadel Securities operates as a market maker across multiple asset classes, including equities, options, corporate bonds, Treasuries, and ETFs, catering to asset managers, banks, hedge funds, and government agencies.
The firm posted record EBITDA of $5.2bn in 2024, an 87% increase from the previous year. Its net trading capital also jumped to $16bn by the end of 2024, up from $13.5bn a year earlier, driven largely by retained earnings.
In October, Citadel Securities tapped the debt markets to refinance a $4bn term loan and reduce borrowing costs, further strengthening its financial position. By the end of 2024, the firm’s balance sheet totalled $80.4bn in assets, spanning cash, US government securities, equities, and corporate debt.
