Citi finally unveiled the real major reorganization of its fixed income, currencies and commodities (FICC) business in February. The shake-up puts meat on the bones of the October 2006 decision of then head of capital markets Tom Maheras to formally incorporate Citi’s extensive local markets/emerging markets business into its traditional fixed-income offering.
The first steps in truly integrating the emerging markets business, which had operated as a stand-alone silo since 1998, started in July 2005 with the formation of global credit markets run by Chad Leat.
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