News: Citigroup takes drastic measures: FX Strategy team disbanded, analyst jobs cut

Strategic HR

Citigroup takes drastic measures: FX Strategy team disbanded, analyst jobs cut

The decision to implement this change at Citigroup was influenced by the presence of comparable services provided by other divisions within the bank, including its research division.
Citigroup takes drastic measures: FX Strategy team disbanded, analyst jobs cut

Citigroup Inc. has disbanded its global team responsible for offering commentary and analysis on foreign-exchange markets, according to individuals familiar with the matter, reported Bloomberg. 

An anonymous source familiar with personnel matters revealed that all positions within the CitiFX global FX strategy team have been impacted, although some individuals may transition to other roles within Citigroup. It has been reported that employees in London and New York are departing from the company.

Citigroup implemented this change due to the availability of similar services offered by other divisions within the bank, such as its research division.

As liquidity tightens and issuance diminishes, Citigroup has reportedly disbanded its Latin America corporate bond trading team, according to a report by Bloomberg News earlier on Thursday.

Individuals departing or expected to depart from Citigroup include Ebrahim Rahbari, who serves as the global head of FX analysis and content, Benjamin Randol, the lead North America macro FX strategist, and Giammarco Miani. Vasileios Gkionakis, the head of European FX strategy, has not formally left the company but is currently undergoing a consultation process, as stated by an insider.

Bloomberg reported that Thomas Fitzpatrick, the global head of CitiFX Technicals at Citigroup's FX Strategy division, departed from the company last week.

A representative from Citigroup based in New York declined to provide a comment, stated Bloomberg. Gkionakis was unavailable for comment, and requests for comment sent via LinkedIn to Randol, Miani, and Rahbari did not receive immediate responses.

Traders impacted by the Latin America restructuring in New York included Christopher Castelli, Albert Chang, Nabilah Kamal, and desk strategist Miguel Garcia de Onrubia, according to anonymous sources who are not authorised to discuss the matter.

A spokesperson for Citigroup chose not to comment on the Latin America decision. The traders and analyst who were affected did not respond to inquiries seeking comment. According to the sources, some of the impacted individuals are currently being interviewed for alternative positions within the bank, while others have already left.

In early March, Bloomberg reported that Citigroup initiated job cuts across the company, impacting various divisions including its investment banking sector. According to insiders familiar with the matter, these cuts represent less than 1% of Citigroup's workforce, which comprises approximately 240,000 employees.

The impact of the cuts extended to employees within Citigroup's operations and technology organisation, as well as its US mortgage-underwriting arm, according to sources. These routine cuts are stated to be a part of Citigroup's regular business planning, with no overarching mandate for managers to reduce staff. Instead, various divisions within the company have made these decisions based on their specific circumstances and reasons.

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Topics: Strategic HR, #Layoffs, #HRTech, #HRCommunity

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