GO
Loading...

UPDATE 1-Citigroup FX chief Feig leaving bank for Fortress

(Adds details)

June 17 (Reuters) - Citigroup Inc's global head of foreign exchange, Jeff Feig, is leaving the bank and will join investment firm Fortress Investment Group LLC as a portfolio manager.

Feig, who has been with Citigroup for 25 years, served as the bank's forex chief for 10 years.

"Given his tenure in his role, this departure was well-anticipated, and part of the natural cycle of the business. We have a strong, talented bench that continues to support this core business," a Citigroup spokeswoman said in an e-mailed statement.

Feig's departure comes as Citigroup and other major banks have fired foreign exchange traders amid investigations by governments around the world into possible manipulation of currency markets.

There was no indication that Feig's departure was related to the investigation.

The investigations have resulted in dozens of traders at leading banks being suspended or fired, including Citigroup's own head of spot foreign exchange trading.

Feig, who joins the Fortress this autumn, will serve as the co-chief investment officer of the Fortress Macro Fund.

Fortress managed $62.5 billion in assets as of March.

Citigroup shares were little changed at $47.69 in afternoon trading on Tuesday on the New York Stock Exchange. Fortress Investment shares were trading at $7.61.

(Reporting by David Henry in New York and Tanya Agrawal in Bangalore; Editing by Meredith Mazzilli and Saumyadeb Chakrabarty)