Citi axed between 20 and 25 from the Asian fixed income, currencies and commodities (FICC) arm of its markets business on November 15 and 16.
Charmain Soo, managing director and head of FICC sales for Hong Kong and Macau has been cut after ten years of working for Citi. She became a managing director in 2009. Before working at Citi she worked at Morgan Stanley between 1997 and 2002, after leaving Lehman Brothers in 1996.
In addition, Asiamoney PLUS understands that Daniel Ryan, director and head of G10 FX spot trading, Chris Sandford, a director in emerging markets FX options trading and Tareck Horchani, a director managing the electronic platform for emerging market currencies in Asia, have all left the bank.
The decisions were made as part of a cull last week of over 20 bankers. However, the FICC sales team was built out earlier this year, and the bank has no plans to scale back operations.
“We have been making targeted headcount reductions throughout the year in certain businesses and functions across Citi as part of our efforts to control expenses during the current environment,” said a spokesperson from the bank.
New hires this year include Mandy Leung, who became director of fixed income sales in June, as first reported by Asiamoney PLUS, and Edmund Tsang also joined the bank as a director of credit sales in Hong Kong, from Merrill Lynch.