After over 20 years of service, Itay Tuchman, the Global Head of Foreign Exchange at Citigroup Inc., is planning to leave the New-York-headquartered multinational investment bank and financial services corporation.
According to a memo sighted by Reuters, Tuchman will be replaced by Stuart Staley, the corporation’s Head of Markets & Securities Services for the Asia Pacific (APAC) region.
The outlet reported that Tuchmann wants to seek other career opportunities outside the leading investment bank. He is to be replaced immediately by Staley.
Last month, Citigroup reported a 27% drop year-on-year (YoY) in its net income for the second quarter of 2022 after an initial 46% decline YoY during the first quarter.
Veteran Tuchman
According to his LinkedIn profile, Tuchmann’s career at Citigroup traces as far back as January 2004 when he became the Head of Forex, Short Term Interest Rate Trading, at APAC.
After two years and seven months in the role, Tuchmann would take on the same role for the corporation’s London office for another three years and two months.
Climbing the career ladder, Tuchmann would go on to work for Citigroup in Sydney, Japan and London.
In April 2021, he was appointed the Managing Director & Head of Forex in Japan and would move on two and a half years later to become the Head of Markets for Citigroup in Australia and New Zealand in October 2014.
Upon his appointment as the Global Head of Forex in April 2017, Tuchmann left Sydney, Australia for the financial corporation's office in London in the United Kingdom.
He has since maintained this role for the last five years and five months until the announcement of his intended departure.
Staley’s Career Experience
Staley is equally a long-time employee of Citigroup. He has worked across various roles and capacities over the last 18 years and four months.
He joined Citigroup in May 2004 as the Head of Commodities for the Americas after departing American Electric Power as the Managing Director and CEO.
After almost six years in the role, Staley became the Global Head of Commodities and was based in London until his emergence as the Head of Markets and Securities Services for APAC in April 2018.
The executive has been in this role for the past four years and five months now.
Meanwhile, the United Kingdom's Financial Conduct Authority (FCA) last week slammed a fine of £12,553,800 on Citigroup Global Markets, an indirect subsidiary of Citigroup.
The regulator said the penalty payment was for the subsidiary's breach of the Market Abuse Regulation (MAR) trade surveillance requirements relating to the detection of market abuse.
