Two senior G10 FX traders have exited Citigroup, with one – John Nihill, a highly regarded FX trader based in Sydney – rumoured to be joining a hedge fund, as the battle for top trading talent intensifies, according to a report by eFinancial Careers.

Sources indicate that Nihill has decided to move into the hedge fund world after nearly a decade at Citi. He was reportedly one of Citi’s top revenue generators in the APAC region.

In London, Citi has also lost Angus Yard, a VP-level FX trader who had been with the bank since 2018. Yard’s next destination remains unclear. His departure follows that of Giles Page, one of Citi’s longest-serving FX managing directors, who retired last week after announcing his exit late last year.

The exits come amid a surge in hedge fund hiring of top FX talent, with firms aggressively expanding their trading desks to capitalise on volatile currency markets. Bloomberg reported in February that banks like Citi and Wells Fargo had been expanding FX trading teams, yet Citi now finds itself needing to backfill unexpected departures.

Citi’s FX division, led by Flavio Figueiredo since 2023, has faced internal scrutiny, with some traders voicing concerns that sales backgrounds are being favored over trading expertise