Disgruntlement in Citi’s FX team after cuts, losses


There is grumbling in Citi’s London FX team, and it’s not entirely due to the bank’s $900m loss on the Argentinian peso, or to its job cuts – although they don’t help. 

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Multiple sources say Citi’s London FX traders aren’t entirely happy with the changes made by Flavio Figueiredo, who was promoted internally as global head of FX at the bank last July.

Figueiredo, who’s spent 35 years at Citi, comes from a sales rather than a trading background. He replaced Stuart Staley, the former global head of FX trading, who spent nearly 20 years at Citi.

New York-based Figueiredo has made various changes to Citi’s London FX team alongside the bank’s Bora Bora restructuring. Giles Page, the bank’s London-based head of global linear FX trading, is understood to have been demoted to an EMEA focused role, reporting to Figueiredo. Hubert Wilk, the very popular chief administrative officer for FX trading last year moved into an operational risk role, despite having a trading background. Wilk was replaced by Slawek Maciura who has worked with Figueiredo in the past and is a business unit manager.

The changes, many of which happened last year, have catalysed some of the recent exits. Paul Bakunowicz Citi’s head of local markets FX trading for EMEA left the bank last Friday after Page effectively took his role. Rod Edmondson, a director in FX risk management, is understood to have left the bank at the same time. Jawad Koradia, the global head of LM STIRT (short term interest rate) trading is also thought to have been put at risk. Marcus Satha, head of the EMEA STIRT desk at Citi, announced today that he’s leaving to work for a children’s book charity that he founded. 

Citi declined to comment on the exits. Sources familiar with the matter said: “Flavio is a highly respected leader at Citi, who has built an industry-leading franchise with corporate clients in markets.”  

The changes are not thought to be directly linked to the Argentinian loss, but as one insider pointed out, it happened under the watch of the new management. Headhunters say there is restlessness in the ranks. “There have been a lot of changes in Citi’s FX team, and it’s have put noses there out of joint,” says one. 

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