Another much loved Citi MD resigned for a more exciting alternative
Changes are afoot at Citi. As the bank initiates its restructuring program and works its way down the levels of management, plucking out people who aren't necessarily doing much, people it might have liked to keep are leaving of their own accords.
They include Stuart Riley, Citi's popular London-based co-chief information officer who, as we reported last week, resigned to become global chief information officer at HSBC.
They also include Alaa Saeed, Citi's equally popular London-based global product head for FX electronic platforms. FX Markets reported that Saeed has left. We haven't spoken to him, but we understand that Saeed's departure wasn't related to the cuts either, but that he left last month to work for a technology start-up backed by the government in Bahrain.
Both Riley and Saeed were popular figures at Citi. Riley spent 13 years there. Saeed spent 16. Insiders say he was a great guy and that the Bahrain start-up was too good an opportunity to pass down.
As senior people leave, there are already signs that Citi is changing job titles and slimming down the structure in its engineering division. David Griffiths, who was formerly the institutional clients group head of engineering and architecture is, as of this month, simply the 'head of engineering and architecture,' for example. New York-based Jonathan Lofthouse has just been appointed Citi’s Co-Chief Information Officer, alongside Shadman Zafar, as a replacement for Riley.
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