Financial News is reporting that Citigroup is to give senior positions to executives based outside New York. This is thought to be due to the growth of the bank outside of the US.
This would mean that around ten of their top executives in their new fixed income, commodities and currencies division would be outside New York. Five London-based executives are to be given global responsibility for specific product lines.
The bank has estimated that over half of the revenues in its fixed-income business are generated outside the US and this proportion will increase.