Why do former Citi employees on this site seem so obsessed with finding out "the latest" on what is happening at your former firm? We understand that you hate and despise the evil Citi.  Here's an idea, stop wasting time with your horrible past employer, move on with your life and spend your time prospecting instead! LOL!

[quote=comptonplaya]

Why do former Citi employees on this site seem so obsessed with finding out "the latest" on what is happening at your former firm? We understand that you hate and despise the evil Citi.  Here's an idea, stop wasting time with your horrible past employer, move on with your life and spend your time prospecting instead! LOL!

AMEN, Brother!!!!!

Simple, we just relish the fact that it gets worse and worse. No one ever wishes their ex the best... remembering the hell you left and seeing it get hotter makes you feel oh sooooo much better.

[quote=TickTock]

Simple, we just relish the fact that it gets worse and worse. No one ever wishes their ex the best... remembering the hell you left and seeing it get hotter makes you feel oh sooooo much better.

[/quote] Amen Brother!!  LOL!!!

It seems the Ex-Jones reps must feel the same way. They just keep preaching also.

You guys dodged a bullet be thankful.

Thanks for sharing your experiences. We all learn from mistakes.  

Well, we have a 3 day weekend coming up. Lets see if there are any smart people left at CPWM who bolt this weekend!

Good Luck People!!

I think the reason x Citi employees have such a hard on for Citi is because of what they did. They farked up a good thing. They folded their Citicorp Investment Services division into SB, and sold their brokers on how great SB was and why they should hang their hats on the SB platform and use it to help their clients. Then they turned around and sold SB to the highest bidder, and left the CIS FA's and all the managers they transferred from SB to Citi, out in the cold.

In addition to that, rewind, they took SB, one of the finest franchises in our industry, and mucked it up worse than BP is mucking up the Gulf of Mexico. (well maybe not worse than that, but most will get my point). I loved SB, loved the firm, loved being there, then all of a sudden.....

This is a company with Senior Mangement that doesn't have a clue, and doesn't give a rats ass about anyone or anything except protecting their own ass.

I think thats why x citi guys hate citi. I know its why i do. I'm over it, after a year of being out of there, doing the same amount of biz making twice the money, i guess i should thank them. I've moved on, and am finally starting to focus on growing my biz, and you're right, thats what everyone else should be doing. But you can't let go of feelings overnight towards an organization that farked up everything in sight.

[quote=Sportsfreakbob]

I think the reason X Citi employees have such a hard on for Citi is because of what they did. They farked up a good thing. They folded their Citicorp Investment Services division into SB, and sold their brokers on how great SB was and why they should hang their hats on the SB platform and use it to help their clients. Then they turned around and sold SB to the highest bidder, and left the CIS FA's and all the managers they transferred from SB to Citi, out in the cold.

In addition to that, rewind, they took SB, one of the finest franchises in our industry, and mucked it up worse than BP is mucking up the Gulf of Mexico. (well maybe not worse than that, but most will get my point). I loved SB, loved the firm, loved being there, then all of a sudden.....

This is a company with Senior Mangement that doesn't have a clue, and doesn't give a rats ass about anyone or anything except protecting their own ass.

I think thats why x citi guys hate citi. I know its why i do. I'm over it, after a year of being out of there, doing the same amount of biz making twice the money, i guess i should thank them. I've moved on, and am finally starting to focus on growing my biz, and you're right, thats what everyone else should be doing. But you can't let go of feelings overnight towards an organization that farked up everything in sight.

[/quote]Sportsfreakbob,

I couldn't have said it better myself !!!

I'm sure you speak for all X Citi Fa's who've experienced the depths of CIS, then the pride of being a Smith Barney FA and like you said to have it suddenly, not just taken away, but basically being told that we're not good enough or not deserving enough to follow them to Morgan Stanley (although that's also not working out too well for lots of the SB guys). Citi never really had a plan for CPWM. They held us (Our assets) back from the joint venture and have been making it up as they went along. 

I too am gone a year now and couldn't be happier and more thankful that they did "fark it up" over there which gave me the final nudge needed to escape the insanity. I can honestly say I've never been happier! 

 I sincerely hope that any of the few good guys that haven't left yet are planning to leave soon or hopefully pulled the trigger this weekend.....we'll see next week................Stay tuned!!!!!!

I was THIS CLOSE to jumping to Smith Barney...and the Citi move was announced.  Man...dodged that bullet.

To clarify, i was never a Citi/CIS FA. I was SB the entire time i was there. But i understand what the Citi FA's must have been feeling. And what a mess Citi was, and apparently, still is

Chicago Area manager left/got canned today... Also lost at least one advisor the Friday before labor day.  Under 10 real reps left in Chicago.  It's all coming down.

Hello Everyone,

Is there a new hard date for CPWM switching to Pershing?

When do the TRAK accounts have to be liquidated? And if they are pushing managed accounts, what happens to these managed accounts once they move to Pershing.....New Managers??

Do they still pay for Annuity Sales/Annuity Trails?? If so, what rate do they payout at?

Thank you for any answers you can provide..............It's very appreciated!!

Client piece in the last statements had a legal mumbo jumbo of the firm retaining the right to liquidate TRAK accounts with 30 day notice regardless of client taxable situation - ie. long term gains etc.  Clearly, setting themselves up to sell out and go into the new platform.

Rumor is that CPWM is bleeding profits - expenses are the same, revenue down significantly - more cuts coming from staff, back office, low lever producers (anyone below $500K a year is toast)  etc. and holding on to the clients with trail annuities and A/C shares - not dumping into the call center for fear of loosing the client.

heard a big producer in westchester jumped for hsbc but realized his viagra was still on the sinking ship and swam back to citi. things must be improving. whose cutting salaries in february after pershing conversion? 

[quote=Buddy Light]

heard a big producer in westchester jumped for hsbc but realized his viagra was still on the sinking ship and swam back to citi. things must be improving. whose cutting salaries in february after pershing conversion? 

[/quote]Buddy,

Is that true? Did an advisor leave CPWM for HSBC and then return to CPWM??

How bad can it be at HSBC?????

Also, could you explain more about salaries being cut after the conversion to Pershing and is it now being pushed to next February???

Thanks!

I don't know about advisors, but Citi clients are leaving in mass exodus...

http://www.youtube.com/watch?v=bKkFfj68HzY

i know a lot of reps/managers at HSBC and they all have very positive things to say about the program. anyone in the bank channel knows HSBC has a very respectable retail brokerage business. reps there make good $$ and are citi's main competition aside from wachovia/wells fargo.  he probably spent all his retention $ on penile implants and when tiny tim w asked for his money back, the rep had already spent it on his little weenie. there are more and more talks about cit cutting the floor in early 2011 before the pershing conversion in february. what about the town hall meeting? i thought it was supposed to be about how great cpwm was doing-not how much better the bank is doing now that all the reps have left the branches. 

Wishing everyone a Very Happy INDEPENDENCE Day!

Hopefully a big 3 day weekend for those FA's who haven't jumped yet . 

If not, I don't know what to tell ya.............

Enjoy the long weekend!!

well, here we are... more than half the reps have left and the ones that stayed are merely waiting to be hung in front of long island city. its official -say good bye to the floor in 2011. thanks to the pikers who have sat around collecting a check, citi will no longer afford this free gift policy because finra requires all gifts to associates to be less than $100. time to start looking for a new home before the warm days in the Hamptons turn to cold NYC winters. this is a slow painful death, one in which Rambo would not survive. all hail King Pandit! for C is a "screaming buy!"

Buddy,

Do you have any updates on CPWM??

This thread got awfully quiet recently.................