LONDON, March 24 (Reuters) - Citi, the world’s second-largest foreign exchange trader, is restructuring its FX trading desk, appointing a global head of trading and bringing its electronic and voice trading businesses closer together, according to an internal memo seen by Reuters.
London-based Richard Bibbey will assume a newly created position as global head of spot FX trading in addition to his current responsibilities as head of electronic FX trading.
The overhaul also brings the bank’s FX and interest rates trading businesses closer together. Itay Tuchman, head of FX in Japan, will also oversee the STIRT operation in Sydney and the G10 spot currency trading business in Singapore.
Michael Plavnik, currently head of short-term interest rate trading in London, will head the bank’s global STIRT business.
Like many of its peers, Citi’s foreign exchange business has been under close scrutiny in recent months. A global investigation of alleged market manipulation and collusion between traders has mushroomed. Up to 25 traders at major banks around the world have been put on leave, suspended or fired.
In January, Citi put Canadian dollar trader Andrew Amantia in New York and sterling trader Anthony John in London on leave. The bank also fired its London-based head of European spot trading, Rohan Ramchandani.
Last month, the bank said the global head of its FX business, Anil Prasad, was leaving, although his departure was “entirely unrelated to the on-going FX investigations,” said one source familiar with the matter.
Citi is the world’s second-biggest FX firm, according to Euromoney magazine’s last poll, seeing almost 15 percent of the $5.3 trillion flow that goes across the world’s largest market on an average day. (Reporting by Jamie McGeever; Editing by Larry King)