Citigroup has reportedly 'dismantled' its CitiFX global team.
Bloomberg reports that all jobs within the CitiFX global strategy FX team in New York and London have been affected with some leaving the company and others reassigned, citing people familiar.
That's a sad development and we will miss their commentary. Their month-end models around USD buying/selling were a particularly valuable source of insight.
I haven't heard any of the details but I imagine that some Citi currency market commentary may migrate to a combined fixed income team, similar to how many other banks operate.
All the best to those affected.
