Citi reorganises G-10 FX

Richard Bibbey has been appointed global head of spot foreign exchange for voice and electronic trading at Citi, as the bank undergoes a restructure of its G-10 FX business.

Bibbey, who is based in London, will take on the new role in addition to his responsibilities as head of FX local markets electronic trading, which includes Autotrader, Algo Execution and CitiFX Wire.

"As e-trading has become more significant to the spot FX business and as the use of technology has become key to the voice trader's success, there is a need to have a single strategy for e-trading and voice trading," said Jeff Feig, global head of G-10 FX at Citi, in a memo to staff seen by FX Week.

"The currency and spot desk heads will report to Richard in addition to their regional FX trading heads. This move is in recognition of the importance of non-machine flow trading to the business, and we believe that with Richard's oversight the spot traders will get access to more and better tools to help them drive client connectivity and revenue growth," he says.

Andrew Grosso, who runs the short-term interest rate trading (Stirt) desk in New York at Citi, is also taking on responsibility for FX in North America, which Feig says is consistent with the role Bernie Sinniah and Itay Tuchman play in Europe and Japan respectively.

Tuchman, who is head of FX and G-10 rates trading for Japan, will now also be responsible for the Stirt business in Sydney and G-10 spot business in Singapore. He reports to Dan Aitchison, head of FX and local markets trading for Asia. Tuchman has previously been head of UK Stirt and Asia Stirt.

Meanwhile, Michael Plavnik, head of the London Stirt desk, is now taking on responsibility for the global Stirt business.