A second member of the Crawshaw analyst family has turned his back on Smith Barney, Citigroup's research arm. James Crawshaw, a telecoms equipment analyst, has followed in the footsteps of his brother Mike and left the Citigroup building in Canary Wharf.

Mike Crawshaw, co-head of equity research, abandoned his sibling and the industry in February this year. James jumped ship only five months later, leaving a month after Citigroup appointed its fourth European research head in so many months. Two weeks ago, he hooked up with Suni Goonetillake at Commerzbank as the lead analyst in his sector.