Forex Trading

Now Citi cut MDs from its US FX team


As Citi moves on to the next line of cuts in its Bora Bora simplification program, sources say senior people have disappeared from the US fixed income team. 

Both Scott Silver, Citi’s global head of FX real money sales and Janice Martin, the head of New York corporate sales, are understood to be out. They’d been at the bank for 21 and 18 years respectively. 

Citi declined to comment on the departures. The bank is removing 5,000 jobs as part of the managerial simplification and has 3,800 to go. The cuts are expected in the first quarter.  

As we reported yesterday, the FX team is suffering some disgruntlement after a $900m loss on the Argentine peso and management changes last year. Paul Bakunowicz Citi’s head of local markets FX trading for EMEA, and Rod Edmondson, a director in FX risk management, left last week. 

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