Citigroup Inc. (C) relocated two members of its technical strategy team to Singapore and London, underscoring a push by the world’s top foreign-exchange trader to provide 24-hour analysis and expand its geographic reach.
Shyam Devani, formerly based in London, will be working out of Singapore, while Dan Tobon will be located in the U.K. capital from New York previously, an internal memo seen by Bloomberg News showed. The changes were effective May 5, according to the e-mail dated May 2 from New York-based Chief Technical Strategist Tom Fitzpatrick. Adam Rahman, a Citigroup spokesman in Singapore, confirmed the memo’s contents.
“For the first time, we’ve got someone in New York, London and Singapore covering foreign-exchange and asset-market technicals,” Devani, a senior technical strategist who joined Citigroup in 2006, said today by phone from Singapore. “It’s part of our push to increase our coverage in Asia because it’s such a big and important region. It’s also to have a more comprehensive product that is round-the-clock.”
Citigroup’s share of the $5.3 trillion-a-day currency market climbed to 16.04 percent, according to a poll published this month by Euromoney Institutional Investor Plc. The bank, which derived 19 percent of net revenue from fixed income in the first quarter, took the top spot that Deutsche Bank AG had held for nine years.
The New York-based lender said in March it plans to execute about half its Asian foreign-exchange business electronically within two years, up from 35 percent to 40 percent currently. The region contributed 23 percent to Citigroup’s net income in 2013, little changed from the previous year, according to data compiled by Bloomberg.
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