Citi Taps Dominic Hirons to Head EMEA Compliance Team

Citigroup Inc. has hired Dominic Hirons, the ex-operational head of EMEA and Asia at Morgan Stanly, as its chief compliance officer for the EMEA region.

Hirons will make Citi’s London office his base and will oversee the bank’s compliance needs across Europe, the Middle East, and Asia. This appointment came at a time when large banks are cutting their costs on compliance by downsizing staff and promoting Automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term.

Hirons brings around 25 years of experience to the bank and spent almost last 11 years of his career at Morgan Stanley. There he headed the bank’s compliance team for the Asia Pacific region for more than three years, before moving to the position of the head of compliance covering EMEA and Asia. He joined the bank as its chief operating officer of the Asian business in 2008 and continued in the role for more than two years.

Prior to Morgan Stanley, he held the position of investment banking compliance director at two banks - Bank of America and Dresdner Kleinwort Wasserstein - for two years and four years respectively.

By education, Hirons is a linguist. However, he started his career in the financial sector joining Rothschild & Co in 1994 and later moved to the Financial Services Authority to the role of supervision associate.

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Last month, Finance Magnatesreported that Citi is reshuffling its prime brokerage business after losing an estimation of $180 million in due to high-risk foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) bets.

By the end of 2018, Citi received a massive blow as the bank along with JP Morgan Chase settled a case of manipulating the European Interbank Offered Rate (Euribor), an interest rate benchmark, by paying a combined total of $182.5 million.