Citigroup has named Richard Bibbey to run its global spot foreign-exchange business as the bank seeks to more closely align its voice and electronic trading of currencies.
Bloomberg News reports that Bibbey is currently in charge of some electronic trading for the New York-based bank, according to an internal memo today from Jeff Feig, who oversees foreign exchange for the Group of 10 nations.
Michael Plavnik, who runs short-term interest-rate trading in London, will assume responsibility for the business globally, according to the memo.
In the meantime, Bloomberg also reports that JPMorgan Chase’s Mike Cavanagh, who has served as a close deputy to Chief Executive Officer Jamie Dimon for more than two decades, will leave to become co-chief operating officer of Carlyle Group.
Cavanagh, 48, held roles including chief financial officer at JPMorgan before becoming co-CEO of the company’s corporate and investment bank with Daniel Pinto, 51, who becomes sole CEO of the unit effective immediately, the New York-based bank said in a statement.
Finally, Bloomberg reports that Phil Allison, UBS’s global head of cash equities, stepped down from the bank, according to a memo from equities head Michael Stewart.
Allison, who was also head of equities for the Europe, Middle East and Africa region, was replaced on an interim basis by Jason Barron and Dominic Vail. Barron, global head of financing services, will take over EMEA equities and Vail, global head of equities distribution, will assume Allison’s responsibilities for global cash equities, Stewart said in the memo to staff.