Citi just rolled over

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Jan 15, 2010 10:42 am

I just found out, the mass exodus is officially on.  Bernie T, Bob D, Vivek M, and several other top guys left today.  Nearly every top Q guy has now left.  Scott Ford must be having a heart attack right now.....

Jan 15, 2010 1:42 pm

Confirmation on that. I hear the same... today was/is a big day for some of the top producers at C. 

Jan 15, 2010 3:17 pm

What a miserable place.   Terrible management.  Horrible place to work.  It gives me pleasure to know so many of the top pricks over there had so much of their net worth in C stock.  I hope they sink into the grave yard of forgotten mismanaged companies where they belong.  I thank my lucky stars nearly every day I no longer have to put up with their arrogant stupidity.  Never have I seen such creepy untrustable human beings. 


 
 
Jan 15, 2010 3:35 pm

Oh man, that's great!  I'm laughing out loud in my office.  Thanks for that one.

Jan 15, 2010 4:39 pm

The 2010 comp plan is not even out yet.  Pathetic!

Mass exodus will accelerate after retention bonus is paid out.
Management has no idea what they're doing.  Or maybe they just want the call center to take care of clients and screw the FA's.
Jan 15, 2010 7:58 pm

team of 5 left C for WF Advisors last week in Westchester/Putnam Cnty, NY

Jan 15, 2010 9:24 pm

Our office's top producer left today, going indy.

Jan 15, 2010 11:49 pm

5+ left today in Chicago, moved all of the lead guy's assets to a new 2009 hired hack from LaSalle/BofA (screwing the guys who have been there for 10 plus years). New hire wasn't even on a team. Other guys clients are being called by the "team leader" - no one else trusted to call the clients. Chicago had 70 FAs on 12/31/08, now down to 25 and ticking.   Time to arrange another all day downtown meeting with the big cheese from New York to remotivate the last of the crew. Starting to look like Survivor, except the players vote themselves off the sinking island. Terry Dial's 2009 new hire has clearly had impact! oops Ms. Dial got canned this week! Must have been another "client centric move".

Jan 16, 2010 1:06 am

many Citi FAs I know in CA are in talks with ML, Wells, and various bank brokerages.

even the Area Investment Managers are getting frustrated. Mr. T. Williams was surely in a bad mood dealing with the mass exit. At this rate, CPWM can close up shop really soon.

Let's see what the shake up will be like when the board meets on 1/19. Should be interesting.



Just wondering where Ms. McWhinney is hiding? All this turmoil and the leader is missing. Maybe she fled the country before someone dragged her to the chopping block.

Jan 16, 2010 5:16 pm

David, the editor in chief, you are absolutely right in your blogg!!! What will happen next? Will managemnt admit this plan isnt workingd, considering over half reps left, with assets and revenue....

Jan 23, 2010 10:50 am
TickTock:

5+ left today in Chicago, moved all of the lead guy's assets to a new 2009 hired hack from LaSalle/BofA (screwing the guys who have been there for 10 plus years). New hire wasn't even on a team. Other guys clients are being called by the "team leader" - no one else trusted to call the clients. Chicago had 70 FAs on 12/31/08, now down to 25 and ticking.   Time to arrange another all day downtown meeting with the big cheese from New York to remotivate the last of the crew. Starting to look like Survivor, except the players vote themselves off the sinking island. Terry Dial's 2009 new hire has clearly had impact! oops Ms. Dial got canned this week! Must have been another "client centric move".



You make it seem like a big deal. It is all part of the plan to move all of the assets to the 4 team leaders in Chicago or the call center. Staff reductions save the taxpayers money.

Jan 23, 2010 4:27 pm
Vikram Pandit:
TickTock:

5+ left today in Chicago, moved all of the lead guy's assets to a new 2009 hired hack from LaSalle/BofA (screwing the guys who have been there for 10 plus years). New hire wasn't even on a team. Other guys clients are being called by the "team leader" - no one else trusted to call the clients. Chicago had 70 FAs on 12/31/08, now down to 25 and ticking.   Time to arrange another all day downtown meeting with the big cheese from New York to remotivate the last of the crew. Starting to look like Survivor, except the players vote themselves off the sinking island. Terry Dial's 2009 new hire has clearly had impact! oops Ms. Dial got canned this week! Must have been another "client centric move".



You make it seem like a big deal. It is all part of the plan to move all of the assets to the 4 team leaders in Chicago or the call center. Staff reductions save the taxpayers money.





LOL

Jan 25, 2010 2:07 am

Sad thing, it is a big deal. Playing with people's lifes - employees and clients. People are not some sort of "petri dish" for experiments. What happened to the shareholder value? ethics? Little old ladies told to go away, they don't have $250K and don't want to pay 1.5% for management on their fixed annuities, so call 1-800-RAJ-INDIA.  Vikram you know the number?

Jan 25, 2010 8:53 am
TickTock:

Sad thing, it is a big deal. Playing with people's lifes - employees and clients. People are not some sort of "petri dish" for experiments. What happened to the shareholder value? ethics? Little old ladies told to go away, they don't have $250K and don't want to pay 1.5% for management on their fixed annuities, so call 1-800-RAJ-INDIA. Vikram you know the number?





Shareholders are served with lower payroll costs.

Little Old Ladies with less then $250k can use the call center in India or I'm certain their is an Eddie Jones rep on this board willing to help them. Are you there B24? And if that doesn't work Ron is right up the street.



Now get back on your teller line and don't let your team leader know you are on the internet.

Jan 28, 2010 1:01 am

Vikram, thanks for the kind words of witt.

 
With so few FAs left, now the AIMs are fighting to keep their jobs. Each had 25 to 30 reps., now 10 to 15. So, another "right sizing coming" for AIMs, most likely teams will also be consolidating as a "team" of 2 doesn't make much sense. Besides, its King of the Hill, less teams means the head team leader gets more assets! Hey, move to San Antonio, they are hiring call center Series 7 flunkies who couldn't build a book to work with little old ladies...
Jan 28, 2010 8:29 am

[quote=TickTock] Vikram, thanks for the kind words of witt.





Your welcome
Jan 28, 2010 9:47 pm
TickTock:

Vikram, thanks for the kind words of witt.



With so few FAs left, now the AIMs are fighting to keep their jobs. Each had 25 to 30 reps., now 10 to 15. So, another "right sizing coming" for AIMs, most likely teams will also be consolidating as a "team" of 2 doesn't make much sense. Besides, its King of the Hill, less teams means the head team leader gets more assets! Hey, move to San Antonio, they are hiring call center Series 7 flunkies who couldn't build a book to work with little old ladies...





Please tell me you aren't serious in your concern for management losing jobs?