Citi Reorganises – Creates Single FX Business

Following the retirement of head of G10 FX James Bindler,
Citi is reorganising its business structure by merging its G10 and emerging markets FX activities into a
single global foreign exchange trading business.

As previously
reported by Profit & Loss
,
Itay Tuchman has been appointed to head the new business, reporting to Nadir
Mahmud, head of FX and Local Markets. Tuchman will be relocated from Sydney,
where he is currently head of the Markets and Securities Services business for
Australia and New Zealand.

Prior to
the Australasian role, Tuchman was head of FX and G10 rates trading in Japan.

According
to an internal memo seen by Profit & Loss,
as part of the changes Citi is also creating a distinct global local rates
trading business, which will include EM rates trading as well as local markets
treasury.

Pankaj
Vaish has been named global local rates head, also reporting to Mahmud. Viash
is currently head of Markets and Securities Services in Mexico, prior to which
he was head of Markets and Securities Services for Citi South Asia, and earlier
had several senior trading assignments across multiple asset classes in Citi
and Lehman/Nomura in New York and India over a 25 year career.

This
appointment will be effective after a transition period once Viash’s
replacement as Markets and Securities Services head Mexico has been selected.

K. K. Tan
will continue as the global head of local markets treasury and as a member of Citi’s
FXLM Management Team, reporting jointly to Viash and Mahmud, as well as to
James von Moltke, treasurer of Citi, in his franchise balance sheet management
role.

Tuchman and
Viash will join Citi’s FXLM management team and work with the regional trading
heads as equal partners, according to the memo.

Colin_lambert@profit-loss.com

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@lamboPnL

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@Profit_and_Loss

 

Colin Lambert

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