The Wall Street Journal is reporting that Citigroup Inc. (NYSE:C) has appointed Danny Wise as European head of G-10 foreign exchange trading in London, according to people close to the matter. Mr. Wise, who starts at the bank Monday, left Credit Suisse in May as part of a cost-cutting plan.
The appointment of Mr. Wise is the first senior hire in the industry after the start of a year-long global regulatory probe into the alleged manipulation of the $5.3 trillion a day industry. Citigroup, one of the world’s largest Forex dealing banks, was one of roughly a dozen firms that have fired or suspended staff in relation to the investigation.
Since the start of the year, two senior executives in the foreign exchange business have left the bank. Including the bank’s global head of foreign exchange, Jeff Feig, which was announced back in June. To replace Feig, Citigroup promoted James Bindler as the bank’s global head of foreign exchange, expanding his responsibilities. The departures were unrelated to the probe.
WSJ states that Mr. Wise couldn’t be reached for comment.