Citigroup Disbands Global FX Strategy Team, Signals Major Structural Changes

Citigroup Inc C has reportedly disbanded its CitiFX global FX strategy team responsible for providing commentary and analysis on foreign exchange (FX) markets.

Individuals who have left or are expected to leave include Ebrahim Rahbari, the global head of FX analysis and content; Benjamin Randol, the lead North America macro FX strategist; and Giammarco Miani. 

Vasileios Gkionakis, the head of European FX strategy, is currently in a consultation process and has not formally departed, Bloomberg reported.

Furthermore, Thomas Fitzpatrick, the global head of CitiFX Technicals at the bank's FX Strategy division, reportedly left the firm last week.

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Citigroup has also disbanded its Latin America corporate bond trading team due to tightening liquidity and reduced issuance.

Last month, Citigroup disclosed plans to pursue an initial public offering of its consumer, small business, and middle-market banking operations in Mexico.

The businesses will retain the Banco Nacional de México ("Banamex") brand. Banamex will continue offering a full suite of financial services to consumers and small and mid-market business owners through an extensive distribution network.

Price Action: C shares are up 0.33% at $48.17 on the last check Thursday.

Citibank photo via Wikimedia Commons