Citi Forex Head Quits For Crypto Job: Report
- Global head of foreign exchange at leading financial service company Citibank, Itay Tuchman, has left the bank after over two decades.
- A person with direct knowledge of the situation revealed that Tuchman is tipped for a position in the digital assets industry.
The long-standing global head of foreign exchange at leading financial service company Citibank, Itay Tuchman, has left the bank after over two decades to focus on the digital assets industry.
Since the beginning of the year, Stuart Staley and Tuchman had shared leadership of the Forex division. This implies that Staley will now be the only one to head the department as Tuchman departs.
Staley, a Citi veteran with more than 18 years of experience, has led APAC markets and securities services for more than four years. He had previously worked for Enron, a Texas-based provider of energy services.
The institution’s top executive, Tuchman, was one of the key architects of a drive into digital assets, and although his future plans are not yet known, a person with direct knowledge of the situation revealed to The Block that he is tipped for a position in the industry.
Tuchman is not the only one among prominent executives who have recently left the bank in quest of fresh opportunities in the digital assets industry.
According to reports from the month of April, no less than 15 top-flight workers of Citi have departed the American bank in favor of a destination that focuses on digital assets over the course of the previous year. Their new positions include leadership positions in businesses such as Copper, CoinFund, Paxos, Genesis, the Provenance Blockchain Foundation, and more as-yet-unnamed projects.
The decision also follows indications that Citi is prepared to speed up the implementation of its cryptocurrency plans. In May 2021, the company gave hints that it might look into establishing crypto custody and trading due to increasing interest in bitcoin from significant clients. Notably, in June this year, Citibank joined hands with the digital asset custody provider METACO to develop and test digital asset custody services.
Additionally, Citi launched its very own in-house cryptocurrency unit within its wealth management division in June 2021. The bank has announced its intention to staff the digital asset division of its institutional client group with up to 100 newly hired employees as part of its ambitious recruitment goals.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
