Briefs: Citi Australia CEO to step down, Swiss FX shock claims NZ's LQD Markets, dormant account rul

Banking Day staff
  • Citi Australia chief executive chief executive Stephen Roberts is standing down and will become the bank's chairman, according to a report in The Australian. Roberts has served 12 years as Citi's Australian chief country officer. Roberts broke the news to staff yesterday, saying the new CEO would be announced within weeks.
  • New Zealand registered foreign exchange broker LQD Markets was put into liquidation last week as the Swiss National Bank's removal of its currency peg claimed another victim. New Zealand currency broker Global Brokers NZ collapsed in January after it was unable to cope with many of its clients' margin accounts being wiped out when trading volumes dried up after the shock move.
  • The Australian Government will today announce plans to overturn Labor's three year old rule, which more than halved the amount of time people had to find and claim dormant accounts before they were moved out of the banks' hands and into a government account, The Daily Telegraph reports.