FX Market round-up: Citi gets FICC
Citi has unveiled the management structure of its recently created fixed income, currencies and commodities (FICC) business unit.
On the surface, little seems changed, but the view expressed by one insider that the creation of a FICC unit effectively marked the reverse takeover of the FX business by the emerging market area looks accurate. The bank now has five product silos: commodities, G10 rates, FX and local market sales and trading, credit and securitization. The bosses of these units report into the three FICC heads, as do three regional managers covering Latin America and Mexico, Asia and EMEA. One of the biggest winners from the reorganization is London-based Anil Prasad, previously head of Citi’s central and eastern European, Middle East and Africa emerging markets (EM) sales and trading business. He now has full product responsibility for Citi’s global EM sales and trading business, as well as the global FX business.
Jeff Feig, who previously ran non-EM FX globally, stays in his role and title of global head of FX sales and trading. He now reports to Prasad, rather than Richard Moore, who was head of global rates and currencies. Moore assumes the role of regional head of EMEA.