Citigroup is reportedly staring down $180 million in losses from loans gone sour to an Asian hedge fund - and a senior exec is out
- 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.
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 this month that the bank's markets revenues had taken a hit in the fourth quarter, especially in rates and currencies, amid the market volatility, and that the bank may not hit its 2018 efficiency target.
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