Citigroup, one of the largest financial services
providers, has dismantled its global team of foreign exchange markets
analysis, cutting some of its analysts’ jobs, Bloomberg reported on Thursday,
citing people familiar with the matter.
According to a source who spoke to Bloomberg and
requested not to be identified discussing human resources matters, all the jobs
in CitiFX Strategy are involved, although those affected may proceed to work in
other divisions of the bank.
Besides, Citi has also
disbanded its Latin America corporate bond trading team due to low liquidity
and reduced issuance, the outlet disclosed in a separate report, citing two
sources familiar with the matter. The most affected traders were Christopher
Castelli, Albert Chang, Nabilah Kamal, and desk Strategist Miguel Garcia de
Onrubia, all based in New York.
According to the sources, Bloomberg further revealed, the individuals affected had already left while others were interviewing to fill the other positions in the bank.
Citi’s Latin
American Bond Market Drops
Citi’s dismantling of its Latin America corporate bond trading team comes a time return from its corporate debt market in the region is declining. The market turned in slightly more than 1% this year behind that of the
emerging markets, which gained more than 2%. Furthermore, companies
in the region recorded $12 billion in new debt issue, representing a 46%
decline, Bloomberg’s data revealed.
Meanwhile, Finance Magnates
reported in early March that Citi was planning to strengthen
its presence in France with
a new trading floor and more staff in response to the changes in the financial markets after Brexit. For the longest time, London was
Citi’s gateway to the larger European market before Brexit.
In another development, Hong Kong’s Securities and Futures Commission (SFC) in March announced
a ban on Philip John Shaw, a former Responsible Officer, Board Member and Head of Pan-Asia Execution Services at Citigroup Global Market Asia Limited (CGMAL), for what it described as serious regulatory violations. Shaw’s ban runs for ten years until March 3, 2033
Moreover, the SFC in January last year fined
Citigroup’s Hong Kong subsidiary more
than HK$300 million for securities violations related to its cash equities
business. The watchdog further announced disciplinary measures against some of
the bank’s top management team.
Ex-CFTC chair joins Circle; Marqeta shuts Aussie office; read today’s news nuggets.
Citigroup, one of the largest financial services
providers, has dismantled its global team of foreign exchange markets
analysis, cutting some of its analysts’ jobs, Bloomberg reported on Thursday,
citing people familiar with the matter.
According to a source who spoke to Bloomberg and
requested not to be identified discussing human resources matters, all the jobs
in CitiFX Strategy are involved, although those affected may proceed to work in
other divisions of the bank.
Besides, Citi has also
disbanded its Latin America corporate bond trading team due to low liquidity
and reduced issuance, the outlet disclosed in a separate report, citing two
sources familiar with the matter. The most affected traders were Christopher
Castelli, Albert Chang, Nabilah Kamal, and desk Strategist Miguel Garcia de
Onrubia, all based in New York.
According to the sources, Bloomberg further revealed, the individuals affected had already left while others were interviewing to fill the other positions in the bank.
Citi’s Latin
American Bond Market Drops
Citi’s dismantling of its Latin America corporate bond trading team comes a time return from its corporate debt market in the region is declining. The market turned in slightly more than 1% this year behind that of the
emerging markets, which gained more than 2%. Furthermore, companies
in the region recorded $12 billion in new debt issue, representing a 46%
decline, Bloomberg’s data revealed.
Meanwhile, Finance Magnates
reported in early March that Citi was planning to strengthen
its presence in France with
a new trading floor and more staff in response to the changes in the financial markets after Brexit. For the longest time, London was
Citi’s gateway to the larger European market before Brexit.
In another development, Hong Kong’s Securities and Futures Commission (SFC) in March announced
a ban on Philip John Shaw, a former Responsible Officer, Board Member and Head of Pan-Asia Execution Services at Citigroup Global Market Asia Limited (CGMAL), for what it described as serious regulatory violations. Shaw’s ban runs for ten years until March 3, 2033
Moreover, the SFC in January last year fined
Citigroup’s Hong Kong subsidiary more
than HK$300 million for securities violations related to its cash equities
business. The watchdog further announced disciplinary measures against some of
the bank’s top management team.
Ex-CFTC chair joins Circle; Marqeta shuts Aussie office; read today’s news nuggets.
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- Source: https://www.financemagnates.com//institutional-forex/citi-discontinues-global-fx-strategy-team-in-latest-job-cuts/
