Citi FX Head to Leave
Posted by Colin Lambert. Last updated: April 28, 2023
A period of change continues in Citi’s FX business with the relatively recently-appointed Stuart Staley set to leave the bank.
Multiple sources say Citi announced the departure in a memo to staff, saying it will appoint an interim global head in the coming weeks before launching a full-scale search for a replacement.
Staley’s was first appointed co-global head of FX with Itay Tuchman just one year ago in February 2022, however the latter was on an extended leave of absence, which resulted in him formally leaving the bank in August 2022 and Staley taking on sole control of the FX business.
Staley was part of two firsts for Citi’s FX business. Notably, it was the first time the bank had appointed co-heads of the business – widely seen as a response to Tuchman’s extended fight with Australian authorities over what were widely seen as unnecessary charges brought against him (the charges were dropped). Staley also become the first global head of FX without a strong FX background, he moved from the commodities business, although had been in charge of Markets and Securities Services for APAC prior to relocating to London for the FX role.
In all, Staley worked for Citi for 19 years. Citi becomes the second major bank to see its FX head leave after Russell LaScala announced his retirement from Deutsche Bank earlier this month.