We have used CitiFX’s real-time Market Wire as one of our favorite sources for high-grade analysis and commentary over the years.
Bloomberg has stated that this information source will be gone in a matter of days or hours.
Citigroup "dismantled its global team" that provided commentary and analyses on the foreign exchange markets.
Bloomberg reported that some Citi employees may still continue to work for the company in other capacities despite the fact that all positions within the CitiFX Global FX Strategy team have been affected. Employees in London and New York are leaving the firm.
Citigroup changed its policy because other parts of its bank, like the research division, offer similar services. This is according to someone with knowledge of plans. The real reason is cost-cutting.
Bloomberg News reported that Citigroup also dismantled their Latin America corporate bonds trading team in an effort to cut costs as liquidity tightens up and issuance decreases, Bloomberg News earlier Thursday.
Ebrahim Rahbari is the global head of FX content and analysis; Benjamin Randol is the lead North America macro FX strategy; and Giammarco Miana are among those who will be leaving Citigroup or expect to leave.
Bloomberg reported that Thomas Fitzpatrick was also one of Wall Street’s best chartists and the global head of CitiFX Technicals in the FX Strategy division of the bank.
These are not the only departures. Citigroup cut hundreds of jobs in the Wall Street giant’s investment banking division. The cuts are less than 1%, but they still affect Citigroup's entire 240,000-person workforce. This is why, in times of stagnant revenues, many more heads may be axed.
Bloomberg reported that there was no general mandate to reduce staff. Instead, different divisions were grappling with various reasons for the reductions.