The restructure will be their biggest move ever since the new bank boss took over the firm in April.
Citigroup are going to be merging two of their biggest divisions in the sales and trading unit. This is going to lead to their very first shakeup of the leadership division ever since the new boss Paco Ybarra took over the company in April. The bank are going to merge their foreign exchange team with their G10 rates and trading desk. This is going to create a brand-new business called Rates and Currencies. This is according to an internal memo that has been seen by the Financial News.
Citi’s own FX business has been gaining a lot on rivals over the last few years, It has also moved up a couple of places to the third spot on the FX market rankings. JPmorgan and the Deutsche Bank are the only ones who are ahead, and they have an 8% share of the market. The memo has been sent by Carey Lathrop and Andy Morton and they were installed as the heads of sales. They also manage trading and securities too. They have stated that the new entity would actually share the products and they would also deal in corporate sales and even technology too. They would be doing this so that they can drive better client services and even profitability too. Their idea is to better manage the risk that people face.
Nadir Mahmud is the lead of the foreign exchange and he has been in control of it over the last five years. He is going to work hard to try and move to a new role that is going to revolve around the strategy department. This is going to be done with Leo Arduini, who runs the trading business in the Middle East, Africa and Europe.
Deidre Dunn was once responsible for the trading business in North America and she is going to become the co-head of the rate trading. Itay Tuchman is going to continue running the exchange trade and she is also going to be reporting to Lathrop and Morton. As part of the big move, they are also going to be combining the local markets and even the G10 market treasury teams. This is going to be led by the man known as Andy Thursfield.
Flavio Figueiredo is going to be leading the sales for the corporate clients and they are also going to be forming the new and combined division. The regional heads of the sales and structuring team are also going to be reporting. Eduardo Miszputen are going to be working in Asia and Carlos Xirau is going to be dealing with Latin America. John Chun is going to be in North America and then Mark Mathieson is operating in Emea.
The changes appear to be the latest in a shake-up that is going to happen at CitiGroup over the last 12 months, In April, they announced that they are going to be at the long-serving head of the investment bank and that James Forese is going to be retiring. He has been working there for well over 30 years and his deputy, the knowledgeable Ybarra is going to be handling things from now on. His role is heading up to Citi’s sales and he is also going to be operating in the trading and securities division too. This is going to be split between Morton and Lathrop.
David Livingstone has been named as being the new chief executive for the EU as Jim Cowles has also chosen to step down from his position of the bank. He has operated there for nearly 39 years.