Lucy Baldwin is the global head of markets research & equity advisory at Citigroup. She has made Forbes’ 30 Under 30: Finance list two years running.
Here we take a closer look at her career and thoughts, as part of our series on inspirational women in trading and finance. Also in this series are articles on Jennifer Fan, Nelisiwe Masango and Raghee Horner.
What did Lucy Baldwin do before joining Citigroup?
Lucy Baldwin grew up in Shropshire, UK. She initially wanted to be a vet, but started thinking about a possible career in finance while listening to her father and brother talking about different career options.
She was inspired to consider working in investment banking after reading Barbarians at The Gate: The Fall of RJR Nabisco while at university. This book, written by Bryan Burrough and John Helyar in 1989, is about the leveraged buyout of RJR Nabisco.
In 2004, she completed a BSc in economics at the University of Birmingham, UK.
On graduating, she became an equity research analyst at Cazenove in London, until 2006. This included analysis of the building materials sector.
She then worked as co-head of European equity research at Goldman Sachs for 9 years.
While at Goldman Sachs, Lucy Baldwin made Forbes’ 30 Under 30 in Finance list for top young traders, bankers and dealmakers, both in 2012 and 2013.
In 2015 she started at Bank of America Merrill Lynch, as head of European equity sales, until moving to Credit Suisse.
She was global head of equity sales at Credit Suisse from 2019, continuing to work in both research and sales.
In 2020, Market Choice Awards made her winnner of the European Women in Finance Awards.
She moved to Citigroup in London in April 2021, and is currently the global head of markets research & equity advisory. She sits on the equities executive committee and the markets executive committee.
Citigroup welcomed the addition of her expertise to the team. In 2021, the global head of equities, Fater Belbachir, and the global head of research, Andrew Pitt announced that:
"The formal combination of independent research with the strategic management of our equity advisory franchise, alongside our separate initiative announced last July to leverage our research and content platform across the whole of the ICG, will create unique synergies and opportunities."
What are Lucy Baldwin's thoughts on emotional intelligence?
Baldwin believes that for success in trading, it is essential to have emotional intelligence as well as a strong IQ, as these two attributes work together to help a trader stay disciplined.
What does Lucy Baldwin say about confidence?
“My experience around confidence is, as a general rule, it certainly helped me to become a relative expert in a small narrow area, early on in my career.”
“Getting to be a relative expert in a very narrow space give me some confidence. Then once you have a little bit of success, it’s that virtuous circle, and it grows on itself.”
What are Lucy Baldwin's thoughts on balance in work and life?
“My career, like most people’s, it’s never linear. There are lots of ups and downs. During some of the downs I’ve definitely learned to keep things much more in perspective, and to have more balance.”
What else does Lucy Baldwin do?
Lucy Baldwin continues to be an active member on the University of Birmingham Investment Committee. She is also chair of the Advisory Board of Ark Curriculum Plus.