Citi Hires Top FX Traders from Nomura & Wells Fargo to Boost Asia Desk
- Citigroup has hired seven new senior traders and sales executives from rivals like Nomura and Wells Fargo to aggressively expand its foreign exchange business across Asia.
Citigroup Inc. has initiated a significant strategic expansion of its foreign exchange capabilities across Asia, aggressively recruiting top-tier talent to capitalize on a booming market. The banking giant has secured seven new high-profile hires, poaching experienced traders and sales executives from rivals such as Nomura International, Wells Fargo, and HSBC. This recruitment drive is a clear signal of Citi’s intent to strengthen its dominance in the region, particularly as trading volumes surge to unprecedented levels driven by shifting geopolitical and economic tides.
The timing of this workforce expansion is far from coincidental. It aligns with a period of historic volatility in the global currency markets, where daily trading volumes have skyrocketed to an all-time high of roughly $9.6 trillion. Much of this frenetic activity is being fueled by renewed market sensitivity to US political developments, specifically the aggressive trade tariffs championed by President Donald Trump. These protectionist policies create sharp fluctuations in currency values, generating massive demand for hedging and speculation—services that Citi is positioning itself to provide at scale.
On the trading side, Citi has focused on bolstering its derivatives and localized currency expertise. Nicky Lam, formerly of Nomura, has been appointed as a director for the Group-of-10 (G10) currency options team. His role will be pivotal in managing complex options strategies for the world's most heavily traded currencies. Additionally, the bank has brought on Jonathan Chua, a veteran of Wells Fargo and NatWest Markets, to handle Singapore dollar trading. Reporting to director Dany Checrallah, Chua’s appointment underscores the strategic importance of Singapore as a central hub for Southeast Asian financial flows.
Simultaneously, the bank is reshaping its sales division to better serve corporate and institutional clients who are navigating this volatile landscape. Manoj Goel, previously the head of global markets corporate sales at HSBC, has been tapped to lead corporate FX sales for the Indian sub-continent, a region seeing rapid economic growth and increasing integration with global trade. In Singapore, Cassalynne Lou joins the team to report to Galvin Phua, focusing on commercial bank clients who require robust market solutions to manage their cross-border risks.
The recruitment drive extends into the high-stakes world of institutional sales in North Asia, a critical battleground for FX revenue. Yusuke Aita has left BNP Paribas to become a director in Tokyo, while Renee Gao moves from HSBC to take up a director role in Hong Kong. These hires are complemented by Matthew Lim, formerly of UBS, who joins as a vice president in Singapore. This geographic spread—covering Tokyo, Hong Kong, India, and Singapore—demonstrates Citi’s comprehensive approach to capturing institutional flow across the entire Asia-Pacific theatre.
A significant portion of this talent intake appears to be coming at the expense of Nomura, which has suffered a notable exodus of talent this year. Industry sources indicate that Citi’s recruitment of Nicky Lam in Singapore and Nikolay Frolov in London highlights a "brain drain" from the Japanese bank’s FX options business. Reports suggest that at least eight traders left Nomura’s currency options desk over a 12-month period, creating an opportunity for competitors like Citi to scoop up experienced personnel who are already up to speed with market dynamics.
However, the talent war in the financial sector is a revolving door, and Citi has not been immune to attrition. The bank saw the retirement of Giles Page, its head of EMEA FX, last November, alongside the departures of senior figures Angus Yard and John Nihil in March. To plug these gaps and sustain growth, Citi has also looked beyond Asia, hiring Gordon Craib and Tony Wang from Barclays for its options desks. This constant shuffling of personnel reflects an intense industry-wide competition for specialized skills in a market environment where human expertise still commands a premium over automation.
Ultimately, these personnel moves are backed by strong financial fundamentals. Citi Markets reported a 12% increase in fixed-income revenue during the third quarter, a surge driven largely by rates, currencies, and spread products. By reinvesting these gains into human capital, Citigroup is betting that the current environment of high volatility and regulatory complexity will persist. With a refreshed team in place, the bank is aiming to secure its position as the primary liquidity provider for clients attempting to navigate the choppy waters of the modern global economy.