Citigroup ramps up Singapore FX

Citigroup increases numbers in its foreign exchange trading team in Singapore, transferring Nadir Mahmud and poaching Pritpal Gill from Lehman.
Citigroup has hired Pritpal Gill from Lehman Brothers as head of foreign exchange trading for Asia, to be based in Singapore. Gill was earlier the global head of foreign exchange options at Lehman.

Citigroup announced simultaneously that it has transferred Nadir Mahmud to Singapore to head the combined foreign exchange and local markets trading business in Asia. Mahmud reports to Anil Prasad who is the global head of foreign exchange and local markets. Mahmud previously ran sales and trading for the bank in sub-Saharan Africa.

Gill will start shortly and reports to Mahmud.

A bank spokesperson says building up foreign and local markets capabilities in Asia is a focus for Citigroup and that there are additional hires in the works in the region.

The news comes hot on the heels of recent media reports that Citigroup CEO Chuck Prince is contemplating axing up to 15,000 jobs, representing around 5% of the bankÆs global workforce. The reduction is anticipated across locations but regional hubs such as New York, London and Hong Kong are expected to be most severely affected.

Prince has not confirmed the rumours regarding headcount trimming but has announced that cost reduction programmes are an agenda item for the bankÆs forthcoming annual shareholder meeting on April 17. The bank has been under pressure to control costs, which have recently been rising faster than revenues.
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