Citigroup, one of the biggest banking corporations in the world, has reportedly disbanded its global foreign-exchange (FX) strategy team, according to sources familiar with the matter. The move has resulted in layoffs across the CitiFX global FX strategy team, with all members of the team affected. While some employees may continue to work with Citigroup in other roles, those in London and New York are expected to be leaving the banking firm.
As part of the changes, Ebrahim Rahbari, the global head of FX analysis and content, Benjamin Randol, the lead North America macro FX strategist, and Giammarco Miani are among those who have already left or are expected to be leaving the company. Separately, Vasileios Gkionakis, the head of European FX strategy, has not yet left the banking firm but is undergoing a consultation process.
Meanwhile, Thomas Fitzpatrick, the global head of CitiFX Technicals at the bank’s FX Strategy arm, left the company last week.
The layoffs have come as Citigroup copes with tighter liquidity in Latin America, which has resulted in reductions to the bank's Latin America corporate bond trading team. It has been reported that the bank has taken this decision as liquidity tightens and issuance dries up.
When approached for comment, Citigroup declined to make an official statement on the matter. The bank has not disclosed the exact number of employees affected by this move, although it is understood that positions across the board have been impacted.