Coyne joins Citibank to head FX prime brokerage

Deutsche Bank’s former global head of forex prime brokerage Andrew Coyne has joined Citigroup to run its global foreign exchange prime brokerage operation in London.

The position of global head of forex prime brokerage is new for Citibank. A bank official said the firm wanted to bring its foreign exchange offering up to the standard of its other prime brokerage divisions by implementing technological and product developments to its clients.

Citigroup's prime brokerage businesses comprise equities, foreign exchange and fixed income. Coyne, who will also be a managing director, will report to Bill Hartnett, global head of forex eCommerce at the bank’s London offices.

Jason Shell, the former head of North America currency sales and trading at Deutsche Bank, was appointed to replace Coyne last October after his departure from the German bank.