Citi has announced a new management structure to best align its foreign exchange trading and institutional sales business under the Rates and Currencies umbrella. Under the new structure, trading will now align within four global product verticals: Linear FX (Spot and NDF Trading), Electronic Trading and Client Execution, STIRT and FX Options.
In an email seen by Profit & Loss, Citi’s global head of foreign exchange Itay Tuchman announces that Giles Page will be responsible for leading the bank’s voice activity in deliverable spot markets, frontier FX markets as well as LM NDFs, “…to ensure that we remain a dominant market maker in FX delta space everywhere Citi has an FX trading presence”.
Page will retain his role as EMEA head of FX and LM trading as well as retain his senior manager (SM) designation for FX trading. In addition, until a regulatory handover has occurred, Giles Page will continue as SM for Local Markets Rates and Local Markets Treasury.
Sources say that as a result of this change, Andrew Grosso, formerly head of spot FX trading at the bank, has left the firm.
Mark Meredith has been given additional responsibility for running the bank’s client execution/algo, fixing and overlay businesses alongside the principal e-trading business he currently runs, whileMarcus Satha will continue to lead the STIRT business. “Over the past year, we started the LM STIRT business run by Jawad Koradia and the impressive growth we have had continues to demonstrate the power of bringing the G10 and LM STIRT businesses together under common tools, infrastructure and approach,” Tuchman says in the memo.
Rob Finn will lead all FX Options activity in Citi’s London, New York and Singapore hubs as well as onshore activity in a number of local market countries. “By integrating all non-linear FX trading activity in both G10 and LM under a single management structure we can build a diverse approach to flow, structured, exotic and episodic opportunities and broaden our business in non-linear FX,” the memo states. “As such, Lionel Durix, head of structuring across Rates and Currencies, will have FX structuring report directly to him.”
As part of the changes, Citi has also decided to integrate its CVA, capital efficiency and margin optimisation efforts across Rates and Currencies under a single unit, to be led by New York-based Dina Faenson and London-based Martin Winnick, reporting to Deirdre Dunn, Pedro Goldbaum and Tuchman. The memo says that Faenson and Winnick will soon be issuing further guidance on how their team will be structured.
Four regional management roles across FX trading will be maintained with Finn continuing to run North American G10 FX trading reporting to Tuchman and Paul Bakunowicz continuing to run EMEA FX Trading, including primary responsibility for managing the EMEA linear FX traders including G10. He will continue to report to Page and Tuchman.
Nathan Venkat Swami will run APAC FX Trading, with primary responsibility for linear FX trading in the region including G10 and will report to Jose Luis Yepez, head of FX ad LM in Singapore, and Tuchman.
An announcement on the head of Latam FX trading will be made in due course with Andres Deoteyza maintaining interim coverage of that business.
Brian Mccappin will continue to lead institutional sales, which will be organized along regional lines, with Scott Silver running North America, James Lofthouse running EMEA and Serge Pomonti responsible for APAC. An institutional sales head for Latam will be announced in due course and these regional sales heads will also report into their regional global investor sales heads.
Al Saeed will continue to lead FX platforms and electronic distribution reporting to Mccappin, with regional electronic distribution heads currently reporting to Saeed also matrix reporting into their respective regional FX Institutional sales heads to ensure coordinated client delivery across electronic and voice channels. Saeed will maintain oversight and responsibility for FX platforms/product management.
Ebrahim Rahbari will continue to lead FX content and analysis globally reporting to Tuchman and will matrix to into Mccappin to help achieve “optimal client resourcing”. As part of this alignment, the QIS team run by Kristijan Kasikov will be integrated into Citi’s broader content and analysis team.
Finally Helen Brookes will be the chief administrative officer (CAO) for global foreign exchange and in her role take responsibility for business managers and other FX administrative staff, reporting to Mike Lawrence, CAO for FX and Local Markets and Tuchman.