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Citi Reorganises FX e-Commerce Sales

Citi has merged its G10 and local markets FX e-sales teams into single teams that are regionally managed for co-ordinated coverage, mobility and maximum efficiency, a spokesperson at the bank tells Squawkbox.

Selene Cheng has been appointed regional head for Asia, Rakesh Purohit, for the Americas, while in EMEA, Eugenia Hanoune, who left Deutsche Bank for Citi earlier this year, has been given responsibility for banks and investor e-sales.

The regional e-sales heads will continue to report to managing director Umesh Jagtiani and their respective sales heads: Adam Gilmour, managing director in Asia and Flavio Figueiredo in Latin America. They will also report to Okan Pekin, managing director for banks and investors e-sales.

As part of the reorganisation, the bank says Ala’A Saeed is now responsible for Citi’s Velocity platform and will report to Andrew Coyne, head of G10 e-commerce and prime brokerage, and Jagtiani. Coyne will work with Pekin, Jagtiani and the regional e-commerce heads to ensure sales efforts are co-ordinated with product strategy and the prime brokerage business.

The bank says Jodi Schenck will continue to manage the global e-solutions group for G10 corporates and Sandip Sen will continue in his role as head of the e-client management unit and e-commerce head for CEEMEA corporates.

The reorganisation follows a strategic review of Citi’s FX business which resulted in around 20 redundancies in July (Squawkbox, 18 July 2011).

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