Citi’s revenue from fixed income, currencies and commodities trading fell 7% last year.
Global commercial bank Citigroup has announced that its Head of FX, Anil Prasad, is leaving the company effective March 31, with no replacement set yet. Prasad joined Citi in the mid 1980s, although he left the bank for a spell to work at Natwest before rejoining Citi in 2000.
Citi did not specifically tie the London-based Prasad’s departure to the series of investigations by some of the world’s leading financial regulators into the workings of the global FX market, in particular the way the daily 4pm fix is set. However with the interbank FX market in turmoil and senior FX departures seen at several leading banks — and with no replacement named for Prasad — the sudden departure of such a central figure in Cti’s FX operations begs explanation.
It should be noted that Citi is the only major global bank with a presence in the Retail FX industry, via its CitiFXPro subsidiary.
Bloomberg has reported that Citi’s revenue from fixed income, currencies and commodities trading fell 7% last year.