By Patrick Graham
LONDON, June 17 Citigroup's global head of
foreign exchange Jeff Feig is to leave the bank, it said on
Tuesday, a second major change at the top of the currency
trading operations at the world's single largest FX dealer.
"Given his tenure in his role, his departure was
well-anticipated, and part of the natural cycle of the
business," a Citigroup spokesman told Reuters. "We have a
strong, talented bench that continues to support this core
Feig had been with the bank since 1989. His spokesperson
declined to comment.
The bank had already announced the departure of another
global head of its FX business, Anil Prasad, in February.
There was no indication Feig's departure was related to the
global investigation into alleged manipulation of the fixing
According to Euromoney magazine's last poll, Citigroup sees
almost 16 percent of the estimated $5.3 trillion a day that
passes across the world's largest financial market.
Spot currency trading volumes in general have fallen sharply
this year, however, cooled by falling market volatility in an
era of universally low interest rates and, some say, the impact
of the "fixing" investigation on traders.
As the investigation has intensified globally since being
formally launched by U.S. and UK authorities in October last
year, around 40 FX traders at many of the world's biggest banks
have been suspended or fired - including some at Citigroup.
In most cases it is unclear whether the suspensions or
departures are linked to the investigation.
(Editing by Jeremy Gaunt)