Rival FXPBs scoop up former Citi clients

BNP Paribas, Deutsche Bank among those taking on clients axed by the US bank, plus others worried they’ll be next

BNP Paribas, Deutsche Bank, HSBC, JP Morgan and NatWest Markets are said to have been the main beneficiaries from the downsizing of Citi’s foreign exchange prime brokerage (FXPB) business, with one claiming to have the longest pipeline of onboarding it has ever seen.

Industry sources say the firms have not only taken on the clients purged by the US bank, but also others worried they’ll be next on the chopping block.

A senior forex market infrastructure source told Risk.net sister title FX Week