Under legal scrutiny for possible price-fixing, Citigroup (C -0.3%) restructures its foreign exchange trading desk, reports Reuters, creating a new position of global head of trading and bringing its electronic and voice trading businesses closer together. London-based Richard Bibbey will assume the new role in addition to his current position as head of electronic FX trading.
The bank earlier this year put two traders on leave and fired its London-based head of European spot trading Rohan Ramchandani. Also, its global head of FX business, Anil Prasad, is exiting, though his departure is "entirely unrelated" to the investigations, according to a source.
Citi is the world's 2nd-largest FX firm, according to Euromoney, with nearly 15% of the $5.3T flowing through the markets on a daily basis.