NEW YORK – Citigroup has dismantled its global team that provides commentary and analysis on foreign-exchange markets, according to people familiar with the matter.
All jobs within the CitiFX global FX strategy team are affected, although some people may continue to work with Citi in other capacities, according to a person who asked not to be identified.
Employees in London and New York are leaving the firm.
Citigroup made the change because other parts of the bank, such as its research division, are offering similar services, according to a person with knowledge of the plans.
Separately, Citigroup has also dismantled its Latin America corporate bond trading team as liquidity tightens and issuance dries up, Bloomberg News reported earlier on Thursday.
Those leaving or expected to leave Citigroup include Mr Ebrahim Rahbari, global head of FX analysis and content; Mr Benjamin Randol, lead North America macro FX strategist; and Mr Giammarco Miani, according to people familiar with the matter.
Head of European FX strategy Vasileios Gkionakis has not formally left, but is in a consultation process, according to a person familiar with the matter.
Mr Thomas Fitzpatrick, global head of CitiFX Technicals at the bank’s FX Strategy arm, also exited the firm last week, Bloomberg reported.
A spokesman for Citigroup declined to comment.
The Latin America move affected traders including Mr Christopher Castelli, Mr Albert Chang, Ms Nabilah Kamal and desk strategist Miguel Garcia de Onrubia – all of whom were based in New York, said the people.
A Citigroup representative declined to comment on the Latin America decision.
Some of those affected are interviewing for other positions at the bank, while others have departed, the people said.
Citigroup began cutting hundreds of jobs across the company, with the Wall Street giant’s investment banking division among those affected, Bloomberg reported in early March.
The cuts amount to less than 1 per cent of Citigroup’s 240,000-person workforce, people familiar with the matter said at the time.
Staff across the firm’s operations and technology organisation and US mortgage-underwriting arm were also among those being affected, with the routine cuts part of Citigroup’s normal business planning, the people said.
There has been no broad mandate for managers to cut staffers; instead, various divisions have been grappling with different reasons for the cuts. BLOOMBERG
