Citigroup, one of the largest financial services providers, has dismantled its global team of foreign exchange markets analysis, cutting some of its analysts’ jobs, Bloomberg reported on Thursday, citing people familiar with the matter.

Analysts' Jobs in CitiFX Strategy Affected

According to a source who spoke to Bloomberg that requested not to be identified discussing human resources matters, all the jobs in CitiFX Strategy are involved, although those affected may proceed to work in the other divisions of the bank.

Besides, Citi has disbanded its Latin America corporate bond trading team due to low liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and reduced issuance, the outlet disclosed in a separate report, citing two sources familiar with the matter.

According to the sources, Bloomberg revealed, the individuals affected had already left while others were interviewing to fill the other positions in the company.

Citi's Latin American Bond Market Drops

Citi's dismantling of its Latin American corporate bond trading team comes at a time when the return from the debt market in the region is in decline. This year, Latin America turned in slightly more than 1% behind the emerging markets, which gained more than 2%. Furthermore, companies in the LATAM region recorded $12 billion in new debt issues, representing a 46% decline, Bloomberg's data revealed.

Meanwhile, Finance Magnates reported in early March that Citi was planning to strengthen its presence in France with a new trading floor and more staff in response to the changes in the financial markets after Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term. For the longest time, London was Citi’s gateway to the larger European market before Brexit.

In another development, Hong Kong's Securities and Futures Commission (SFC) in March announced a ban on Philip John Shaw, a former Responsible Officer, Board Member and Head of Pan-Asia Execution Services at Citigroup Global Market Asia Limited (CGMAL), for what it described as serious regulatory violations. Shaw’s ban will run for the next ten years until March 3, 2033.

Moreover, the SFC in January last year fined Citigroup's Hong Kong subsidiary more than HK$300 million for securities violations related to its cash equities business. The watchdog further announced disciplinary measures against some of the bank’s top management team.

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