Citi head of forex reportedly leaves the bank to work in crypto

Itay Tuchman, Citi’s global head of foreign exchange, has left the bank after more than two decades. As one of the chief architects of a push into digital assets in the bank, Tuchman is headed for a job in crypto, a source said.

The top executive was one of the chief architects of a push into digital assets within the institution, and while his destination is not yet clear, a source with close knowledge of the matter told The Block he is set for a role in digital assets.

Stuart Staley has been serving as co-head of forex alongside Tuchman since earlier this year, and with his departure, will become sole head of the department.

Staley, who is also a Citi veteran with more than 18 years under his belt, has headed up APAC markets and securities services for over four years. He previously worked for Texas-based energy services company Enron.

Tuchman is one of the latest top executives to leave the bank in search of new roles in digital assets. As reported in April, no fewer than 15 top-flight Citi employees have left the American bank for a digital asset-focused destination over the past year. Their new positions include top jobs at Copper, CoinFund, Paxos, Genesis, the Provenance Blockchain Foundation, and as-yet-unnamed ventures, among others.

Tuchman’s decision comes following recent signals that Citi is ready to accelerate its crypto plans. In May last year that the bank hinted it would look at launching crypto custody and trading due to a “very rapid” accumulation of interest in bitcoin from large clients.

Last June, Citi also launched its in-house crypto unit within its wealth management division. The bank has outlined ambitious hiring plans, saying it will bring in up to 100 new people to staff its institutional client group’s digital asset division.