In Brief: Citicorp Looks to Hire London Spot Traders

Citicorp plans to hire more foreign-exchange spot traders in London in response to customer demand and to strengthen its spot dealing team, the bank announced last week.

A spokeswoman said the bank is negotiating with three foreign-exchange spot dealers and expects to announce hires within a few weeks.

Citicorp also said it has hired Bob Barnett, formerly of HSBC Holdings PLC, as a foreign-exchange dealer. Citicorp would increase its already strong share of currency exchange markets if it completes the planned merger with Travelers Group Inc.

The merger could allow the combined company to consolidate the currency exchange transactions of Travelers, the parent company of Salomon Smith Barney, thereby taking a bigger slice of the $1.2 trillion per day global currency market.

According to a recent survey, Citicorp holds the biggest share of the currencies market-over 8% of daily trading volume.

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