A Different Approach as Citi Names Co-Heads of FX

Perhaps for the first time in its history, Citi’s FX business will operate with co-heads after Stuart Staley was named alongside existing global head Itay Tuchman as co-global head of foreign exchange.

Sources say Tuchman remains on leave granted after what were widely seen as an unnecessary and unfounded charges made against him and other individuals (as well as three banks) by Australia’s Competition Commission, were dropped last month after more than four years of investigation (see The Full FX Weekly Round Up 15/2/22).

Staley will relocate to London from Singapore where he is currently head of APAC markets and security services, a role he has held since moving to the city state in April 2018. In what could be another first for Citi’s FX business, Staley does not have a real FX background, having worked in the bank’s commodities business since joining in 2004 as head of commodities, Americas, and going onto the role of global head of commodities in 2010 – a role he held until his move to Singapore.

Staley’s role has been handed to Julia Raiskin, a 15-year Citi staffer – Raiskin has most recently served as head of G10 Rates sales for APAC, and will remain in Singapore.