Citi declined to comment and Mr Madgavkar could not immediately be reached for comment.
Citi declined to comment and Mr Madgavkar could not immediately be reached for comment.
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The memo made no reference to recent market challenges or to the potential losses, which were first reported by Bloomberg.
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The memo said that the reorganisation would “unlock synergies across all markets products and ensure our clients are supported seamlessly for their important financing, operational and transactional needs”.
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A memo seen by the Financial Times said that the unit would move from the foreign exchange group, run by Nadir Mahmud, to the prime finance and securities services business, which provides most other services to hedge fund clients and is run by Okan Pekin.
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In the aftermath of the latest losses, Citi on Tuesday also announced a change in management structure for the business formerly run by Mr Madgavkar, which supports hedge funds’ forex trading.
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The bank lost money through poor hedging before: it reported a $150m loss when the Swiss franc appreciated suddenly in 2015 and later that year, Citi sued Tormar Associates, an investment fund founded by two former Goldman Sachs partners, after the firm failed to post a margin call on its short position in the franc. Mr Madgavkar was head of forex prime brokerage at the time.
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John Gerspach, Citi’s chief financial officer, warned earlier this month that the bank would not meet a key financial target this year because of market conditions. Mr Madgavkar has worked at Citi since 1997, according to his LinkedIn page.
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The fund is managed by a unit of Hong-Kong based GF Holdings, which is owned by GF Securities, according to a person familiar with the matter. GF Holdings did not immediately respond to a request for comment.
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The bank’s potential losses from loaning money to the hedge fund will depend on negotiations with the fund and the cost of unwinding the trade, but the person familiar with the matter said that the sum was already accounted for in its public financial guidance.
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Citigroup could lose as much as $180m on an Asian hedge fund’s ill-fated currencies trade, a result that will see Sanjay Madgavkar, Citi’s global head of foreign exchange prime brokerage, leave the company, according to a person familiar with the situation.
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Hanif484 (2018-12-31)
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