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According to a Financial Times report, five of the Citigroup’s senior currencies executives holidayed for one to three days last weekend, ahead of what the BoE’s governor described as the “biggest domestic risk facing the economy”.
Employees in the world’s biggest currencies-dealing bank felt the situation was embarrassing. The Nikkei owned newspaper quoted them as saying “the timing and nature of the trip was insulting to employees.” One said: “The optics here are bad.”
So the big theme here is that a sense of responsibility could be missing among Citi’s FX executives. However, others may look at the situation from a different ... (read more)