Alex Morrell, provided by Published 1:04 pm PST, Tuesday, December 18, 2018 REUTERS/Jason Reed Citigroup is facing $180 million in losses on loans gone sour to an Asian hedge fund, according to Bloomberg. The fund reportedly got battered on foreign-exchange bets that went sideways. The bank’s board is reviewing the issue and has already moved to shake up the unit responsible, and a key executive has left the firm after more than 20 years. Citigroup is reportedly staring down losses of as much as $180 million on loans to an Asian hedge fund after the fund’s foreign-exchange trades went sideways. The situation is fluid, but Citi’s board is grappling with the substantial losses and is already shaking up the unit responsible, according to a report from Bloomberg. Citi’s FX prime brokerage unit — which lends to hedge funds — will be pulled from the currency trading division and put instead under its prime finance and securities services division, according to the report. Sanjay Madgavkar, a more than two-decade veteran of Citigroup who was head of the FX prime brokerage unit, is leaving the firm. He’s being replaced by Chris Perkins, currently the head of over-the-counter clearing. CFO John Gerspach revealed earlier… Read full this story
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