Citi to Rework Commodities Unit, Hires Moorooven From Engie (1)

Citigroup Inc. said it’s seeking to improve the organizational structure of its commodities-trading business.

The New York-based bank also hired Yoven Moorooven as global head of new business ventures for the commodities-trading division, according to a memo to staff. Moorooven will be based in London and report to Jose Cogolludo, global head of the commodities business.

Some of the changes to the commodities business are part of the bank’s transformation efforts, Cogolludo said in the memo. Citigroup has previously said that those efforts will modernize the firm’s systems as well as satisfy two consent orders from the Office of ...