Citigroup Division Gets London-Based Head: WSJ

Citigroup has placed sole responsibility for its fixed-income, commodities and currencies group in the hands of a London-based executive following the restructuring of its capital-markets unit, the Wall Street Journal said Thursday in its online edition.

Paco Ybarra will run the division, which includes foreign exchange, the Journal said. His permanent appointment comes after he was left in control last month when fellow co-heads Randy Barker and Geoffrey Coley departed, the Journal said.

According to the Journal, three of the five positions under the new structure have gone to London-based bankers.

Aside from Ybarra, Jim Cowles remains head of the equity products group, while Antonio Cacorino will co-head the combined sales group with U.S.-based James O'Donnell, the Journal said.

Citigroup is one of a string of banks to take big writedowns on mortgages and other loans after the subprime mortgage crisis widened to other markets over the summer.

Representatives from Citigroup could not immediately be reached for comment.