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 and 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 other divisions of the bank.

Besides, Citi has also disbanded its Latin America corporate bond trading team due to low liquidity and reduced issuance, the outlet disclosed in a separate report, citing two sources familiar with the matter. The most affected traders were Christopher Castelli, Albert Chang, Nabilah Kamal, and desk Strategist Miguel Garcia de Onrubia, all based in New York.

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

The Bank’s Latin American Bond Market Drops

Citi’s dismantling of its Latin America corporate bond trading team comes a time return from its corporate debt market in the region is declining. The market turned in slightly more than 1% this year behind that of the emerging markets, which gained more than 2%. Furthermore, companies in the region recorded $12 billion in new debt issue, 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. 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 runs for 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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