Citigroup appoints FX chief replacement

Nadir Mahmud - previously regional markets boss for Asia Pacific - is now Citigroup's (C) global head of foreign exchange, replacing Anil Prasad who helped build the currency business into the industry's 2nd largest.

The promotion comes amid the global investigations into currency-rigging, but a source says Prasad's departure is "entirely unrelated" the probe. Prasad will stay on through March to assist with the transition.

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