Citi Appoints from Within for FX Head

Citi has continued to promote from within for its global head of FX, with an internal appointment following the departure of former head Stuart Staley, which was announced earlier this year.

Flavio Figueiredo has been named by the bank to run the global FX business, shifting from his current role as global head of Rates and FX corporate sales. He will be based in London and is an almost 35-year veteran at Citi, starting with the bank in Brazil. He has held a series of Latin American sales positions in the bank, before moving to London in 2016 to run corporate FX sales. He took on the Rates and FX corporate sales position in mid-2019.

Citi will be hoping for a degree of stability in what has always been a crucial position in the bank. Former global head, Itay Tuchmann, was on an extended period of leave as he fought charges in Australia that were later dropped.

In early 2022, Staley was appointed co-global head, soon after Tuchmann formally left, leaving the former commodities man in sole charge of FX. His departure was announced in April 2023, leading to the search for a third head of the FX business in little over a year and a half.

“I am proud and humbled to assume this role at our global FX franchise, which has long been a defining business of Citi,” Figueirido says.