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Citi head of forex to leave bank for digital assets role: source

By samwsimpson_lyjt8578 August 23, 2022

Citi’s long-standing global head of foreign exchange, Itay Tuchman, has left the bank after more than two decades.

The top exec was one of the chief architects of a push into digital assets within the institution, and while his destination is not yet clear, a source with close knowledge of the matter told The Block he is set for a role in digital assets.

Stuart Staley has been serving as co-head of forex alongside Tuchman since earlier this year, and with his departure, will become sole head of the department.

Staley, who is also a Citi veteran with more than 18 years under his belt, has headed up APAC markets and securities services for over four years. He previously worked for Texas-based energy services company Enron.

Tuchman is one of a steady stream of top executives to leave the bank in search of new roles in digital assets. As per reports in April, no fewer than 15 top-flight Citi employees have left the American bank for a digital asset-focused destination over the past year. Their new homes include top jobs at Copper, CoinFund, Paxos, Genesis, the Provenance Blockchain Foundation and as-yet-unnamed ventures, among others.

The move also comes following signals that Citi is ready to accelerate its crypto plans. It was only in May last year that it hinted it would look at launching crypto custody and trading due to a “very rapid” accumulation of interest in bitcoin from large clients.

June 2021 also saw Citi launch its in-house crypto unit within its wealth management division. The bank has outlined ambitious hiring plans, saying it will bring in up to 100 new people to staff its institutional client group’s digital asset division.

Update 7am ET: This piece was updated after publication to clarify Stuart Staley’s role.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Lucy Harley-McKeown