Citigroup new FX Chief James Bindler has same problems as outgoing Jeff Feig.

Discussion in 'Forex' started by brownpenny, Jun 23, 2014.

  1. Weekend scuttlebutt: Jeff Feig's suspicious departure late last week after decades at Citigroup, happened during the worldwide FX investigations.

    James Bindler (new FX Chief) is an old Citigroup hand and has just the same background and problems in FX as Jeff Feig - possibly more.

    Citigroup may pull the wool over regulator's eyes in FX (moron investigators:D), but it's dangerous because Citi failed the stress test partly because they didn't set aside enough for fines. Citigroup believes they should pay 3 to 4 billion max in bad mortgage fines. The Feds want at least 10 billion, and they can get it.

    The entire Citi market cap is only 143 billion. If Citi's off by 6 or 7 billion in each of the coming round of fines (Mortgages, Libor, FX, etc) this will be negative, and they WILL fail more stress tests going out into the future.