Itay Tuchman, who spent the past five years running Citigroup's sprawling foreign-exchange trading desk and successfully beat back allegations that he was part of an illegal trading cartel in Australia, is leaving after more than two decades at the firm.
Tuchman, 43, will pursue opportunities outside the company, according to a memo to staff Monday that was seen by Bloomberg News. Stu Staley, who was named Tuchman's co-head earlier this year, will take over as sole chief of the currency division, according to the memo.
"Itay has contributed to the success of our markets franchise and has occupied a variety of senior roles across products and regions, including most recently leading our best-in-class FX business," Andy Morton, who runs all of Citigroup's trading businesses, said in the memo.
Citigroup has seen its market share in foreign-exchange trading dwindle as it faced increased regulation and pulled back from certain corners of the market. In recent years, it trimmed ties with more than four dozen outside trading venues as part of a cost-cutting push.
The bank dropped to seventh place in this year's Euromoney rankings, with a market share of 4.5%. That compares with its No. 1 ranking — and a 10.7% share — in 2017.
Tuchman rose through the ranks of the short-term interest-rates trading division before being named managing director in 2006. After a stint away from the company, he rejoined in 2012 and was named head of trading for Australia and New Zealand two years later, according to his LinkedIn profile.
He was one of six bankers who faced criminal charges over alleged cartel behavior that centered on a 2015 share sale by Australia & New Zealand Banking Group.
The case collapsed earlier this year when prosecutors announced they were dropping all charges.
"My family and I are relieved that this 4+ year ordeal is now behind us and this unjust case has finally been dropped," Tuchman, who has been on leave since March 1, said in a post on LinkedIn after the case fell apart. "The stress and impact on me and my loved ones, as well as on all of those defending this case, has been immeasurable."
Tuchman on Monday declined to comment on his departure.
Division revamp
Tuchman was named head of the foreign-exchange trading desk in 2017, when Citigroup overhauled the unit. At the time, the bank and its rivals had spent years trying to resolve rate-rigging scandals that led to $10 billion in penalties and fines for the industry.
In Staley, Citigroup is tapping an 18-year veteran of the bank who rose through the ranks of the firm's commodities trading business. Staley first joined the bank in 2004 as head of the commodities division in the Americas, and later took responsibility for the business globally.
A former trader at Enron, Staley was most recently head of the trading business in Asia before being tapped to help oversee the foreign-exchange desk in March.
