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Screenshot of a breaking news alert e-mail from Q2 2017
The departure of Mr. Feig, the bank’s global head of foreign exchange, was announced to staff Tuesday, and follows that of the firm’s most senior currencies banker, Anil Prasad, earlier this year. That leaves the bank lacking senior figures in its currencies business at a delicate time; Citigroup is one of the world’s largest currencies-dealing bank and one of roughly a dozen firms that have fired or suspended staff in relation to the yearlong global regulatory probe into trading practices. Policy makers have indicated that a shake-up of the industry is likely in the coming months.
“Given their tenures in their roles, these departures were well-anticipated, and part of the natural cycle of the business. We have a strong, talented bench that continues to support this core business,” a spokeswoman for Citigroup said.
Mr. Feig, based in New York, worked at Citigroup (NYSE: C) for 25 years, 10 of which as the bank’s head of FX, and he was a major figure in the bank reclaiming its top slot in the industry’s market share rankings. People familiar with the matter say he is set to leave the banking industry and join a hedge fund. “There’s no question it’s harder now to figure out how to operate in a much more regulated environment than it was a decade ago,” said Mr. Feig. “It’s a time of massive change,” he added.