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Citigroup Creates FICC Group

Citigroup has formed a new Fixed Income, Currencies and Commodities (FICC) global business group, it announced internally last week.

The group combines the global fixed income and emerging markets sales and trading divisions and represents “a natural evolution toward providing an integrated global platform best positioned to serve our clients”, Tom Maheras, CEO of global capital markets, told employees in a memorandum.

Randy Barker, Geoffrey Coley and Paco Ybarra will have responsibility for FICC in its entirety and will continue to report to Maheras. Previously Ybarra was head of the emerging markets group, which was a stand alone business, while Barker and Coley jointly headed the fixed income division, which encompassed trading and sales in global rates and currencies, credit and securitised markets, futures and commodities markets and provided fixed income strategy and analysis.

In addition to their overall management responsibilities, the three heads will have specific areas of focus. Coley and Ybarra will have primary responsibility for interest rate, currency, and commodities products while Barker will be responsible for credit and securitisation products.

The banking giant says its objectives are threefold. First as investor clients extend their trading into new asset classes and geographies, Citigroup “intends to ensure seamless execution between local markets and the regional centres”.

Second, the bank says it wants to closely align its product platform with its global distribution footprint and third, by bringing together two franchises, it says it will provide sales, trading, origination, and analytics staff with expanded career opportunities.

“I am confident that FICC, comprised of 5,400 professionals in 82 countries, under the strong leadership of Randy, Geoffrey, and Paco, will set a new market standard for years to come,” Maheras says.

Citigroup joins a number of banks that have created FICC divisions this year including Merrill Lynch (Profit & Loss, September 2006), Dresdner Kleinwort (Squawkbox, October 9) and Socit Gnrale (Squawkbox, September 25).

Profit & Loss

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