Citigroup, the third largest bank holding company in the US by assets and the biggest traders in currencies and emerging market securities, promoted two executives, Italy Tuchman and Pankaj Vaish.
Tuchman will become the head of global foreign exchange, a unit that combines products tied to the 10 most heavily traded currencies such as dollars and euros as well as the emerging market currencies like rand and zloty. Tuchman is currently the head of market and security services business for Australia and New Zealand.
Vaish will head global local rates which will include trading of products tied to interest rates across developing economies. Vaish is currently the head of business for Mexico.
Both Tuchman and Vaish will report to Nadir Mahmud, head of foreign exchange and local markets.
In the wake of retirement of James Bindler, the head of G10 currency trading, Citigroup is reorganizing the units. Bindler is leaving the firm after 21 years to pursue a career in Academia, the New York based lender said last month.
Citigroup was the biggest trader of emerging market products and was tied with JP Morgan Chase& Co as the largest currency trading firm globally in the first half of 2016, data from Coalition Development Ltd show.
