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Citigroup launched a major restructuring of 2 of its top moneymaking units in sales and trading. We got the internal memo.
  • Citigroup is merging its rates and currencies operations, two of its top moneymakers in sales and trading. 
  • As part of the changes, Nadir Mahmud, who ran the firm's foreign exchange and local markets business, is taking on a new role in strategy for the EMEA region.
  • The bank sent an internal memo Monday announcing the restructuring, a copy of which was seen by Business Insider. Read the full memo below.
  • Click here for more BI Prime stories.
    • Itay Tuchman will continue to run Foreign Exchange, reporting to us.
    • Deirdre Dunn and Pedro Goldbaum will co-run Rates, reporting to us. Deirdre will move out of the NAM Markets Head role and we will begin the process to select her replacement.
    • Current G10 Rates and Local Rates trading desk heads will report to Deirdre and Pedro in addition to their existing regional reporting lines.
    • Local Markets and G10 Markets Treasury will combine into a single unit, led by Andy Thursfield, with Ulises Garciga reporting to him. Andy will report to us and Mike Verdeschi.
    • Flavio Figueiredo will head Rates and Currencies Corporate Sales, reporting to us and Andres Recoder. This new pillar will enable us to optimize our coverage model, align with our partners in BCMA and will be beneficial to our joint venture with TTS.
    • Regional corporate sales and structuring heads Eduardo Miszputen and Carlos Xirau (APAC and LATAM FXLM respectively), John Chun and Mark Mathieson (NAM and EMEA G10 Rates CSG respectively) will each take on a reporting line to Flavio.
    • Product Investor sales teams will report as follows:
    • Lionel Durix will continue to head Rates and Currencies Structuring, reporting to Itay, Deirdre and Pedro.
    • Jose Luis Yepez will head APAC Rates and Currencies trading reporting to Itay, Deirdre and Pedro and locally to Stu Staley.

Full "The Business Insider: The Money Game" article

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