Citi is still shuffling MDs about, not just letting them go
Citi isn't just cutting senior people as part of its restructuring. It's also moving senior people into new jobs. As it shuffles the pack, it's shunted its existing head of FX options trading into a different role and appointed a new one instead.
In a memo today, Flavio Figueiredo, the bank's London-based global head of rates and currencies corporate sales, said that Robert Finn, the bank's NY-based global head of FX options trading will be ceding his job to Patrick Green, who's been leading the banks metals options trading business for the past eight years.
Finn, however, will not be leaving Citi to trade FX options somewhere else. Instead, he's taking on a new role internally as head of a new unit called the 'FX Structuring & Solutions team.' Figueiredo said this new team will be an opportunity to, "consolidate FX Structuring, Risk Management Solutions and Quantitative Investor Solutions under a single umbrella," and that Finn will work with Citi's salespeople and traders to, "deliver content and solutions to both Financial Institutions and Corporate clients."
Will anyone be let go as part of this consolidation? Seemingly not. Citi declined to comment for this article, but it's understood the shuffling is about aligning FX stucturers, risk solutions and quants, rather than eliminating any headcount.
The reshuffle comes after Citi also reassigned many of its co-heads to chairman roles instead of evicting them last week.
Citi's combined rates and currencies trading revenues were up 4% year-on-year in the first nine months of 2023, so it would appear that Finn may not be moving due to poor performance. Some macro traders are leaving the bank, however: a former Citi USD rates volume trader has just announced that he's joined BMO as an MD in New York.
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