Doggin' Around
Citi reorganizes – subtle change or same as it ever was?
Citigroup has unveiled the management structure of its recently created fixed income, currencies and commodities (FICC) business unit. In a press release, the bank says the reorganization will: “better position the group to serve both investors and corporate clients amid both increasing demand for sophisticated, structured products and the expansion of local credit markets in developing economies.”
On the surface, little seems changed. The bank now has five product silos: commodities, G10 rates, FX and local market sales and trading, credit and securitisation. The bosses of these units report into the three FICC heads, as do three regional managers covering Latin America and Mexico, Asia and EMEA.
On the surface, little seems changed. The bank now has five product silos: commodities, G10 rates, FX and local market sales and trading, credit and securitisation. The bosses of these units, who may or may not be called FICC heads, have three regional managers covering Latin America and Mexico, Asia and EMEA reporting to them.
FX sources within the bank suggest that there is more to the changes than seems apparent initially. “The changes are subtle to an outsider’s eye, but they will prove prominent over time,” said one.