Citigroup, Inc (NYSE: C) has hired a former Goldman Sachs Group Inc. (NYSE: GS) executive as the company’s new head of foreign exchange trading in Japan, according to an internal memo which was acquired by Dow Jones Newswires and reported by the Wall Street Journal.
The memo said that Jo Narita has joined Citigroup, Inc (NYSE: C) after spending eight-years at Goldman Sachs Group Inc. (NYSE: GS) in Japan. The memo described Narita as “one of the preeminent traders in [foreign exchange], not only in Japan but globally.” According to the memo, Narita will play a role in expanding Citigroup, Inc (NYSE: C)’s foreign exchange business in Japan as well as its trading business.
Citigroup is currently the fourth-largest bank globally in the foreign exchange (forex) business, according to data from a Euromoney Survey. The same survey said that Citigroup is the sixth-largest bank in terms of market share in Japan and Goldman Sachs is the fifth-largest bank in the country.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 0.49% on Friday ending at $4.10.
