Citi to Combine Rates, FX in Paco Ybarra's First Major Reshuffle

(Bloomberg) -- Citigroup Inc. is combining its foreign-exchange and rates businesses into a single unit, two months after Paco Ybarra took over as head of the institutional-clients group.

Itay Tuchman will continue to lead the currencies business, while Deirdre Dunn and Pedro Goldbaum will co-lead the rates businesses. All three will report to Carey Lathrop and Andy Morton, who co-lead the firm’s markets and securities services business, the two said in an internal memo.

The two units already share technology and corporate-sales teams and have overlapping products. By combining them, Citigroup is hoping to improve clients’ experience with the bank and boost earnings, Morton and Lathrop said in the memo.

It’s the first sweeping change announced under Ybarra, who took over in April when President Jamie Forese announced he would leave the firm this summer. Ybarra was head of markets and securities services before his promotion.

Here are other changes announced in the memo:

• Citigroup is looking for someone to take over as head of its North American markets and securities services division, a position most recently held by Dunn.
• Nadir Mahmud, who led foreign exchange and local markets, will assist in the transition and then work on strategy for Europe, the Middle East and Africa.
• The firm’s Group of 10 and local-markets treasury units will also combine into a single unit, led by Andy Thursfield.
• Flavio Figueiredo will lead corporate sales for the combined rates and currencies entity.
• Brian McCappin will lead foreign-exchange and local-market investor sales.
• Lionel Durix will continue to lead rates and currencies structuring.

To contact the reporters on this story: Jenny Surane in New York at jsurane4@bloomberg.net;Donal Griffin in London at dgriffin10@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Daniel Taub

©2019 Bloomberg L.P.