In an internal memo, Jeff Feig, the bank’s global head of FX said that the organizational changes were an effort to bring managers closer to customers and the markets.
Anu Jayanti will run all institutional investor FX sales and report to Feig, as well as Antonio Cacorino and Mike Mauer, global co-heads of FICC investor sales. Philippe Illien, most recently of the real money investor sales team has left the bank after 10 years at the company. Bernard Sinniah will continue in his role as G10 head of corporate FX sales, as well as European FX senior, reporting directly to Feig.
Gavin Wells is moving from his current head of spot and STIRT trading to bring what Feig describes as focus to its e-commerce effort. As head of FX e-commerce, Wells will assume responsibility for the bank’s single and multi-bank portal strategy, the full suite of e-commerce products and functionality, and technology priorities.
Both Kirsten Blohm, head of GTT, and Andrew Coyne, head of prime brokerage, now report to Wells. Bill Hartnett, who had been heading e-commerce, will be taking on a role that has not been announced yet.
As a result of Well’s move, the spot and STIRT desk heads in New York and London report directly to Feig. Raymond Ng is in charge in Asia, reporting to Pritpal Gil, a recent recruit from Lehman. Gil reports to Nadir Mahmud, head of Asia local markets and FX trading, and to Feig. Marcus Browning continues to run the G10 FX options business.
In the memo, Feig said Citi had just completed a record revenue quarter. “Our technology continues to improve and we are confident that by the end of the year we will have the best platform on the street. To really grow this business, we need to be fully engaged at every level with our customers and have a laser-like focus on the markets. I am confident that these organization changes will enable this growth and I continue to be bullish about the future of the FX business.”
The bank has also made sweeping changes to its sales team. A memo from Anu Jayanti and Bernie Sinniah, said: “We are pleased to announce the changes in FX sales management. We are aiming to reduce management layers and engender more focused coverage of our customers.”
They added: “In corporates we are consolidating the regional management of our teams. In the institutional investor space, we are recognizing the growing similarity in buying behaviour between real money and leveraged clients and thus moving to have a single manager in each region across the two businesses.”
As part of the changes in the real money investors and global leveraged team Scott Silver is to run the north American institutional investor franchise – all real money investor and hedge fund business will report to him; Alex Jackson will run the UK institutional investor franchise; and Jan Bak will run the continental European investor franchise. Bak is poised to relocate to London.
In its corporates team, Anders Nilsson is replacing Alex Jackson as the UK, Benelux and Ireland corporate sales head. Holger Achnitz will become the head of continental Europe corporate FX sales and will continue to be the FX sales head for Germany and Switzerland.
Debbie Connelly gets all corporate sales for north America, with the New York corporate sales team and corporate sales in San Francisco reporting to her.
Silver, Jackson, Bak and Brian Ness (Smith Barney FX) will report directly to Anu Jayanti. Nilsson, Achnitz and Connelly report to Bernie Sinniah.
