Citigroup’s (NYSE:C) foreign exchange (FX) unit is in a state of flux, after its Head of Spot FX Trading Richard Bibbey has reportedly resigned with immediate effect, according to recent Reuters report.
Mr. Bibbey originally stepped into the position at Citigroup back in March 2014 when he was elevated to the newly created role of Head of Spot FX Trading. The promotion at the time came on the heels of the lender’s bid to help consolidate and streamline its voice and electronic trading of currencies.
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During his tenure at Citigroup, Mr. Bibbey was responsible for several segments of its electronic trading capabilities. Prior to this role, Mr. Bibbey also served as Citigroup’s Head of Electronic FX Trading in London, dating back to April 2013. Additionally, he has also had experience in Citigroup’s Australian FX unit as well as a prior role as its Head of Asian short-term interest rate trading, part of a lengthy career with the bank.
It is currently unclear what led to the resignation of Mr. Bibbey’s or where his next stop is. Many other banks have been cutting their FX units and trading desks recently, with locales such as London being amongst the hardest hit.
Finance Magnates reached out to Mr. Bibbey who was unavailable for additional comment.