JPMorgan Chase abruptly ended high-touch equity trading services for Citadel Securities after the firm launched a competing service, according to sources. Citadel recruited JPMorgan's head of high-touch equities trading, Elan Luger, to lead its new offering. Citadel Securities had previously grown by electronically processing vast trades but now entered direct competition with banks like JPMorgan in a lucrative niche. JPMorgan's equities trading revenue surged 33 percent in 2025 to over $13 billion, highlighting the sector's profitability. The bank maintains prime brokerage services for Citadel but severed its high-touch equity relationship, signaling escalating tensions between traditional banks and trading firms expanding into new areas. Citadel's move into high-touch equities directly challenged JPMorgan's core business model.