Rita Saverino’s three decades in the FX industry began with an application for a secretarial job at Citibank in New York in 1982, but her native Italian landed her a job on the foreign exchange desk instead.
In an industry with few women traders, Rita worked her way up the ladder, becoming the chief FX trader at the biggest FX bank on the Street. The team at Citi was large and close knit – many of whom have spent their careers together.
In 1994, eight of the top traders from that Citi team – led by Michael deSa, then global head of FX at Citi – made one of the biggest en masse moves ever seen in the FX industry with an early morning move to Deutsche Bank, then a relative unknown. The number of dealers that ultimately made the move reached close to 20.
This is very brief as it's a holiday in the two largest FX market centres – I just wanted to offer my personal congratulations to this year’s inductee into the Hall of Fame. Steve Flanagan is FX to his boots and while I obviously want to celebrate the fact that he has worked for as many defunct banks as I have, I have to make the more serious point that is he is an object lesson for so many who fear change.