Citi PWM Exodus
238 RepliesJump to last post
Wow, looking at the numbers above, Citigroup looks like a complete FUBAR. I tell anyone that asks me, to avoid any major bank other than Wells, if they want to go bank channel. Lousy pay, horrible work conditions, dorks in charge, nasty products, ... I mean, who the heck want's that????
I'm free at last, gone indy. But I'd tell a guy or gal to check out the smaller regionals for a good spot. Assets. referrals, and management that actually finds YOU valuable. Find a place with 3-20 reps, and become a big fish in a really small pond. Seriously, why would YOU care, if the pond is small? I loved the small bank I worked for like that, and it made all the diff in the world to my life.
[quote=Buddy Light]
DONG DONG DONG the bell tolls for thee- CPWM.
[/quote]Buddy.... Please enlighten us.......................
Buddy,
That was a Biggie!! Hopefully the other "Biggies" follow suit!!
I'm hearing Bells!!!!
1) I heard conversion was FUBAR. Compensation, Account Openning, Housholding, Performace Reporting... It is all messed up.
2) Gate Keeper IC's, are going to be advisors. No longer responsible to channel refferals to teams, phantom outside RIA's, or the call center, but to book business themselves. In other words, Cheap Labor. This will be another flop as most are greener than a day old bannana.
3) People started resigning again. DONG DONG DONG comment, I beleive reffers to an Exodus Part II since I heard some "biggies" resigned last week.
4) I hear mangement is trying to recruit new advisors??? Who in their right mind...
Regarding conversion, what would a client find unacceptable? what serious concerns? I think I saw that cost data did move correctly on some accounts. What about links to Citi checking accounts? or links to annuities for statements? or performance data on all those managed accounts?
Did Pershing support SB Advisor? mixing individual stocks with mutual funds?
People are resigning again? Why? if they put up with it for 15 months change now? They still have draw guarantees, teams to hide behind, many have 9 year retention bonuses of 1/3 of production (all team leaders and those over $500K in 2009), 25 to 30% bonus in 2011 if they hit production goals, lots of assets that stayed, and a wonderful firm behind them...
The 25% to 30% bonuses if they hit production goals in 2011 - that should worry clients and FINRA, who knows what annuities with big death benefits will be busted for a new managed account, or another annuity.
Investment consultants bit the dust yesterday. Anyone want to guess the over/under on this program being sold or folded in the next 6 months?
How can investors tell when a Citigroup FA is lying? "His lips are moving". Why would anyone trust their hard earned assets to this group of self serving immoral morans? Oh, right, they are "fidiciary" liars.
WASHINGTON (AP) — Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investment just as the housing market was starting to collapse.
The Securities and Exchange Commission said Wednesday that the big Wall Street bank bet against the investment in 2007 and made $160 million in fees and profits. Investors lost millions.
At the height of the financial crisis in 2008, regulators worried that Citigroup was on the brink of failure. It received $45 billion as part of the $700 billion government bailout.
Rating agencies downgraded most of the investments that Citigroup had bundled together just as many troubled homeowners stopped paying their mortgages in late 2007. That pushed the investment into default and cost its buyers' — hedge funds and investment managers — several hundred million dollars in losses.
Among the biggest losers were Ambac, a bond insurer, and BNP Paribas, a European bank. Ambac had sold Citigroup protection against losses on the investment, allowing Citigroup to bet against it.
Hedge funds had asked Citigroup to sell them investments that would decline if the housing market crashed. Citigroup did so, and wanted to get in on the action, the SEC said.
Citigroup bet that the investments would fail, but never told investors it had done so, SEC enforcement chief Robert Khuzami said in a conference call. "Key facts regarding how the structure was put together were not made available to (investors), and they suffered losses as a result," he said.
Even though Citigroup designed the investment to fail, it told investors it had been designed by an independent manager, the SEC said. Citigroup's marketing materials said the investments were picked by Credit Suisse. In an email about the deal, one Citigroup banker asked another not to tell Credit Suisse that it was designed for Citigroup to profit.
Citi PMW is a tire fire as I'm sure most of you know. Growth is anemic, advisors have contiuned to trickle out and New York has yet to communicate a clear path and direction to the field and especially, to field level/area level management. While their peer bank based platforms have grown like weeds in 2010 and 2011, Citi continues to step all over itself.
NY Escorts Girls, arrange you [url=http://www.nyescortsgirls.com]New York Escort[/url] to meet with our professional New York Escort. They come from many [url=http://www.nyescortsgirls.com]New York Escorts[/url] different backgrounds. They are happy and fun to be [url=http://www.nyescortsgirls.com]New York Asian Escort[/url] accompanying with, let our escorts bring you the total enjoyment of [url=http://www.nyescortsgirls.com]New York Asian Escorts[/url] life. Call us now! Let our New York Asian Escort show you how much fun you can get just being in New York.
Does anyone have any New Info on CPWM??
I hear they’re bulking up their head count for a sale of the business…Any Insight??
10-20-12
Namely, after a couple of restructurings over the past year, it is now following a traditional bank channel offering: cross selling and a push to fee-based planning business. Indeed, earlier this year, Venu Krishnamurthy, president of Citigold, told Bank Investment Consultant that he wants attract new advisors who feel that Citi is the “best place to grow their practices.” {sic, didn’t the previous bii tch say the same thing? she must have left her playbook}
One sources says teams are no longer required and no bonus or shared grid for existing teams - inspite of all the hype/training/costs thus most teams were never “Collaborative” teams and have now disbanded.
New management says the transaction products like variable anuities are a good thing with nice fat commissions… back to the future for CPWM… I only feel sorry for the customers… especially those churned to hit those FA revenue bonus goals & retention bonuses based on revenue - wait to FINRA gets a hold of that rag doll!!!