Citi names Leo Arduini as interim head of FX

Currently global markets chief operating officer, Arduini will serve as interim head of foreign exchange at Citi in addition to his current role, according to an internal memo seen by Best Execution.  

Arduini was formerly Citi’s EMEA markets head for eight years, appointed in 2014, before being promoted to markets COO. He is also the current chair of the Global Financial Markets Association (GFMA): which comprises AFME in Europe alongside the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and Singapore, and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington. 

In his new role, he will work with current global head of FX Stu Staley, leading up to Staley’s last day in the office. 

“We are conducting a search for a permanent head of FX and expect to fill the position in the coming weeks,” said Andy Morton, managing director and global head of markets at Citi, in the memo. 

Citi has been slashing jobs in its investment banking and other divisions in recent months, with its global FX strategy team the latest casualty. The firm has dismantled its global team of FX market analysis, Bloomberg reported yesterday, as well as cutting its Latin America corporate bond trading team.

Citi’s latest Q1 investment banking results saw revenues down 25% year-on-year, although they gained 20% on Q4 2022. Global markets revenue declined 4% year-on-year but rose 42% quarter-on-quarter.

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