Citi shockwaves prompt rush for new PBs

BNP Paribas, Deutsche Bank, HSBC and NatWest said to be onboarding Citi’s former clients

business queue climb - getty - web
Onboarding: Citi’s rivals are reported to be picking up business from firms clipped from its client list

Shockwaves have been felt through the foreign exchange prime brokerage (FXPB) business since Citi gave notice to several high-frequency trading firms, according to industry sources – with market participants now nervous about relying on any one bank and looking to add to their PB relationships.

Citi’s rivals are reported to be picking up business from customers clipped from its client list, with one PB claiming to have the longest pipeline of onboarding it has ever seen.

A senior FX market

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