Citigroup Inc has hired Danny Wise as its new European Head of G10 foreign exchange trading to be based in London, the Wall Street Journal reported today.
Mr. Wise was Credit Suisse Group’s Head of FX spot trading in London since he moved to the bank from Barclays Plc in 2011. In May of this year, Mr. Wise was part of a group of six foreign exchange executives at Credit Suisse based in London and New York who were made redundant by the bank in a cost-cutting downsizing drive, among the six he had the highest professional FX profile.
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Mr. Wise was also part of a selected few chief dealers from banks in London who met up to four times a year with senior Bank of England officials to discuss the main issues and events affecting the currency market. His appointment shows that banks are slowly starting to restaff their senior foreign exchange trading desks after a global investigation into the currencies market saw a number of institutions fire or suspend some of their top FX employees. His familiarity with the U.K’s central bank and the fact that he has been away from the center of the foreign exchange industry during the ongoing investigation, were most likely the most appealing factors for Citi.
The new head of G10 FX trading will assume the responsibilities of his role at Citi today.