London based Citi exec Richard Bibbey will become the head of global spot FX trading, a new position at Citi.
Citigroup (NYSE:C) is continuing the shakeup in its FX trading operation. Reuters and the Wall Street Journal each claim to have seen an internal Citi memo detailing the changes at Citi, which include the merging of previously-separate Electronic and Voice FX trading desks under the leadership of electronic trading head Richard Bibbey.
The latest management and reporting-line shakeup is, we suspect, not the last of changes within Citi’s FX operation, although so far the changes seem to have avoided Citi’s retail FX operation CitiFXPro, which operates as a white label of Saxo Bank.
We reported earlier that Citi (among other leading global FX banks) was postponing bonuses for top FX traders pending the initial results of 4pm fix manipulation investigations by several financial regulators.
We also recently saw Citi lose its Global Head of FX Anil Prasad in February, although the bank denied that Prasad’s departure was connected with the manipulation investigations.