Citigroup lays off part of FX strategy team.

Citigroup Inc. has disbanded its global team that provides commentary and analysis on the currency markets.

All jobs within CitiFX’s Global FX Strategy team are affected, although some
people may continue to work with Citi in other ways.

Employees in London and New York are leaving the firm.
Citigroup made the change because other parts of the bank, such as the research division, offer similar
services. Separately, Citigroup also disbanded its Latin American corporate bond trading team as liquidity tightens and issuance dries up.

Those leaving or expected to leave Citigroup include Ebrahim Rahbari, global head of FX analytics and content; Benjamin Randall, Lead Macro Currency Strategist for North America and Giammarco Miani. Vasileios Gkionakis, head of European currency strategy, has not officially left, but is in consultation.

Thomas Fitzpatrick, global head of CitiFX Technicals in the bank’s FX Strategy division, also left the firm last week. A spokesman for New York-based Citigroup declined to comment.
The move to Latin America also affected traders Christopher Castelli, Albert Chang, Nabila Kamal and
strategist Miguel García de Onrubia — all of whom were based in New York.

A Citigroup representative declined to comment on the Latin American decision. Traders and the analyst
did not respond to messages seeking comment. Some of those affected are being interviewed for other positions at the
bank, and others have left.

Citigroup has begun cutting hundreds of jobs across the company, with the Wall Street giant’s investment
banking division among those affected. The layoffs amount to less than 1 percent of Citigroup’s 240,000 employees.
Employees in the firm’s operations and technology organization and its U.S.
mortgage underwriting division are also among those affected, with routine layoffs as part of Citigroup’s normal
business planning. There has not been a broad mandate for managers to lay off employees, instead different departments are grappling with different reasons for layoffs.