Citigroup Inc., the world’s largest currency dealer, named James Bindler global head of foreign exchange to succeed Jeffrey Feig, who’s joining Fortress Investment Group LLC.
Bindler was global head of foreign-exchange options and head of trading for Central and Eastern Europe, Middle East and Africa, according to a memo today from Paco Ybarra and Nadir Mahmud. Scott Helfman, a spokesman for the New York-based firm, confirmed the memo’s contents.
In his new role, Bindler will have responsibility for trading, prime brokerage and corporate foreign-exchange sales, among other areas, according to the memo. He’ll help manage investor sales for the Group of 10 currencies and bank sales with Misbah Shah.
Bindler takes over as cost cutting, automation and more scrutiny from regulators roils the industry. Authorities on three continents are investigating whether people working at currency dealers tried to rig the $5.3 trillion-a-day foreign-exchange market. Citigroup has dismissed one trader and suspended others.
The Wall Street Journal reported Bindler’s move earlier today. Ybarra is global head of markets and services, while Mahmud is global head of foreign exchange and local markets.