Citigroup has hired Deutsche Bank's Michael Carolan to lead its foreign exchange structuring team, according to a memo seen by Financial News. Carolan, who spent over a decade at Deutsche Bank, will join Citigroup in the coming months as a managing director based in London.
Strategic Hire for FX Business
The appointment underscores Citigroup's efforts to bolster its FX capabilities amid a competitive market. Carolan will report to James Kemp, global head of FX and local markets at Citigroup. In his new role, he will oversee the bank's FX structuring business, which focuses on creating tailored derivative solutions for corporate and institutional clients.
Carolan's Background
Carolan has extensive experience in FX structuring, having previously served as Deutsche Bank's head of FX structuring for Europe, the Middle East, and Africa. He also held senior positions at Barclays and Morgan Stanley earlier in his career. His expertise includes developing complex hedging strategies and structured products for multinational corporations.
Citigroup's move comes as banks increasingly compete for top talent in FX, a key revenue driver for many global lenders. The bank has been expanding its markets business, particularly in areas such as electronic trading and structured products.
Industry Context
The FX market has seen significant changes in recent years, with rising electronic trading volumes and increased regulatory scrutiny. Banks are investing in technology and talent to adapt to these shifts. Citigroup's hire of Carolan is part of a broader strategy to enhance its product offerings and capture market share.
Deutsche Bank has been undergoing a restructuring, reducing its workforce in some areas while focusing on core businesses. Carolan's departure is one of several high-profile exits from the German lender's investment bank.
Citigroup declined to comment further on the hire. Carolan could not be reached for additional details.
