Marcus Browning, formerly head of G10 FX options at Citi, has moved into a new role at the bank. An internal memo from James Bindler, the bank’s global FX options head, and Jeff Feig, its global head of FX, explains the rationale behind the change. “With our desire to significantly increase risk taking across the FX business, we have accepted the proposal of one of our most talented and successful traders, Marcus Browning, to build a team focused on proprietary trading of FX volatility.”
In his new role, Browning reports in to Bindler and Feig. The well-regarded Nigel Khakoo, who worked with Browning at JPMorgan and Merrill Lynch, will ensure a seamless change by assuming responsibility for the G10 FX options business.
The memo concludes: “Our desire to be the dominant player in FX options remains undiminished. We will continue to invest time and resources in our options business to ensure we are Number 1 in revenues, ability to deliver product and tier position with our customers.”
Former colleagues of Browning say they are hoping that he will buy some leaving drinks this time, something he apparently failed to do when he left JP Morgan and Merrill Lynch.