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Citadel Securities’ profits soared by nearly 70 per cent in the first quarter to $1.7bn, as the high-speed trading firm capitalized on a surge of volatility across financial markets during Donald Trump’s presidency. The company reported net trading revenues of $3.4bn in the first three months of 2025, marking a 45 per cent increase from the same period a year earlier. These figures, both in revenues and profits, set new records for the market maker.
Founded by billionaire Ken Griffin, Citadel Securities has emerged as a dominant player in options and equities trading on Wall Street, alongside its privately held rival Jane Street. The company’s success can be attributed to investments in technology and the electronification of trading in markets, as well as changes in regulations post the 2008 financial crisis that led many banks to scale back their trading activities.
Based in Miami, Citadel Securities has made a name for itself in equities trading, handling one in four of all US stock trades. In contrast, traditional banks like Goldman Sachs and JPMorgan Chase now focus on handling fewer complex trades for hedge funds and asset managers. Citadel thrives on handling large volumes of trades that can be processed electronically.
During times of market volatility, such as those witnessed in the early months of the Trump administration, Citadel tends to gain market share. The firm has also set its sights on expanding into new territories traditionally dominated by banks. Michael de Pass, the head of rates trading at Citadel, expressed the company’s ambition to become a significant player in the European government bond market.
In its pursuit of growth, Citadel has recruited talent from traditional banks, including the hiring of Jim Esposito, a former top executive at Goldman Sachs. The first quarter of 2025 was marked by significant market swings, benefiting banks and trading firms like Citadel as clients engage in more buying and selling activities.
Wall Street’s major banks collectively raked in nearly $37bn in trading revenues in the first quarter, marking their best performance in over a decade. Citadel’s market-making business reported earnings before interest, taxes, depreciation, and amortization of just under $2bn, a 56 per cent increase from the previous year. The company disclosed that it has traded over $1bn for 21 consecutive quarters.
Citadel executed over 20 per cent of overall US equities volumes and claimed the top spot as the number one US equity options specialist in the first quarter. Additionally, it was the second-most active trading firm in US Treasuries based on trade volume on Bloomberg. These results follow a record-breaking 2024, during which Citadel generated $9.7bn in trading revenues.
With a strong performance in the first quarter of 2025 and ambitious growth plans on the horizon, Citadel Securities continues to solidify its position as a key player in the financial markets.
Additional reporting by Ortenca Aliaj and Joshua Franklin
