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MDs afflicted by Citi's surprise June job cuts are resurfacing

As Citi CEO Jane Fraser leans in heavily to transportation metaphors about trains and fast movement and getting with it or getting off, some of the Citi people who got off involuntarily a few months ago have now fully disembarked and are turning up elsewhere.

Both Ebrahim Rahbari and Thomas Fitzpatrick, two New York-based managing directors in Citi's global FX strategy team, said yesterday that they had left Citi. Their announcements came three months after the bank made surprise cuts to the team, and presumably mean that people like Vasileios Gkionakis, Cit's head of European FX strategy are also on their way.

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Rahbari, who was based in New York but studied economics and management at Oxford University in the UK, said he was leaving Citi after 13 years and that it had been "quite the journey." He doesn't appear to have a new role yet; nor does Gkionakis in London.

Fitzpatrick, on the other hand, has already announced his new job. After nearly four decades he says his "love and passion for markets remains strong" and has just arrived at the New York office of RJ O'Brien, a London brokerage firm.

Citi announced 1,600 job cuts in June and is in the process of making an undefined number of further job cuts which will take out tiers of management. 30 London markets professionals were cut last week, but the decision to relinquish them predated the current restructuring.  

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Photo by Katie Smith on Unsplash

AUTHORSarah Butcher Global Editor
  • ph
    29 September 2023

    I spent several years at Citi (pronounced SH...), where incompetent, power hungry bullies barked orders from their office doorways, where some employees did no work but got paid well, while those who did the work got dumped on. At the time, a female exec who was actually quite competent got pushed out. HR's job was primarily to protect the worst managers. Compliance was a bad joke.

    Supposedly it's not as bad there now.

  • RC
    28 September 2023

    These huge job cuts just go on to show how replaceable all these people are, who think that they are above everyone else. I hope this forces some humility into their big heads so they come to terms with the fact that they are nothing special.

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