-
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/7f8bac1c-...f-6183d3002ee1
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.
-
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/7f8bac1c-...f-6183d3002ee1
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.
-
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/7f8bac1c-...f-6183d3002ee1
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.
-
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”.
-
The memo made no reference to recent market challenges or to the potential losses, which were first reported by Bloomberg.
-
Citi declined to comment and Mr Madgavkar could not immediately be reached for comment.
-
With reporting by Stephen Morris and Laurence Fletcher in London
-
Sterling tumbles on Brexit worries; dollar rebounds
-
NEW YORK (Reuters) - The pound slid to its weakest level in nearly 1-1/2 years against the dollar on Monday as British Prime Minister Theresa May postponed a parliamentary vote on her Brexit deal, rekindling doubts about U.K.’s departure from the European Union in March.
-
The greenback enjoyed a mild recovery following its steepest weekly drop versus a basket of currencies in three months last week, as traders reduced their expectations that the Federal Reserve might pause its interest rate hikes sooner than previously thought.
