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Foreign Exchange

FX people moves: Citi announces sweeping FX management changes

Citi has clarified the reporting lines of its FX business unit, which to the outside world at least looked somewhat confusing following the creation of its FICC unit in December. The bank has initiated some sweeping changes across both its sales and trading teams.

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.

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