It’s late in the year, but Citi has been making some new hires for its FX options business. The new recruits have come from Nomura, whose FX options business lost various people earlier this year.
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Sources say Citi has hired Nikolay Frolov from Nomura in London and Nicky Lam from Nomura in Singapore. Both are thought to have been comparatively junior traders. Frolov, for example, spent six years at Credit Suisse followed by just over two and a half years at Nomura before the move.
Both Nomura and Citi declined to comment.
Bloomberg reported in June that at least eight traders had left Nomura’s currency options business in the previous 12 months. The bank hired David Leigh from Deutsche Bank to help stabilize things last November.
Citi has also experienced exits from its FX business. Giles Page, its head of EMEA FX retired last November. Angus Yard and John Nihil quit in March. Citi has been hiring from Barclays, too, though. Gordon Craib joined from Barclays as a director in euro FX options. Tony Wang joined as a VP in FX options trading from Barclays in Singapore.
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