Citi PWM Exodus

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Dec 4, 2009 3:30 pm

Update…Big producer in Chicago area left Friday last week to LPL… confirmed! One of the higher producers in the mid west I hear. 

Dec 4, 2009 3:40 pm

Second update… just got a pm confirming 2 FAs in CA out the door today.
Merrill and Wells Fargo seem to be the winners there today.

Dec 4, 2009 5:20 pm

Next weekend there will be another few…

Dec 7, 2009 6:04 pm

just spoke to a couple buddies who are out this week. stay tuned

Dec 9, 2009 9:36 pm

Anyone else leaving.  People I am close to are taking it day by day. No one will integrate the way that they are dreaming of.  We will be teamates for compensation but are not going to introduce our clients to each other or evan let our clients know that we are part of a team.  The way we see it is that until we make a more permanent decision the team will do business as usual and we will attempt to be as fair as posible so that whatever a person puts in they will take out.  The team is a facade. 

Dec 10, 2009 9:29 am

The program is a facade, They are doing everything in their power to bury the FA’s.  The longer you stay the more you loose- it’s like all citi reps are standing in quicksand and some are reaching for ropes while others are hoping the sand stops sinking… 

Dec 11, 2009 10:55 am

Watch for some moves today on the coasts for the most part… it will happen.

Dec 11, 2009 8:25 pm

3 in NY I know of today…

Dec 11, 2009 11:36 pm

10 left this week in the LA area

Dec 12, 2009 6:38 am

I just heard one came back from getting a sex change operation.

Dec 12, 2009 9:35 am

Exodus is here. Can someone leave this coming Friday the 18th? I’ve heard FINRA shuts down for the holiday but I’m not sure if they are open Fri or till what time…

Dec 12, 2009 11:40 am

That would be risky. If I were leaving this week it would be by Weds or Thurs morning the latest. Even if FINRA is opened on Friday, the 18th, they will be inundated with transfer requests and if they don’t get to it by the time they leave, what can you do, you’ll be in limbo for 2 weeks…Don’t chance it!!

Dec 12, 2009 11:42 am

Can someone put some names of the departed FA’s on here. There is no risk to them once they’ve officially resigned… Names and cities where they were located…

This is what Citi forced people to do and these people will thank Citi in the end!
Dec 12, 2009 5:42 pm

I agree, this would be a terrible weekend, they’d be best off going MLK weekend in Jan.

Dec 13, 2009 9:32 pm

Did 10 reps really leave from Cali?? Wow

Dec 14, 2009 11:14 am

These are hard numbers… ie… confirmed numbers of those who left last week. There are probably more beyond these that I’m not aware of.  And no,  I will not give names. If you know people in these regions, you’re probably already aware of who left.

2 FAs left in Vegas - both went to Wells
2 FAs left in the North East- both to Wells 
1 FA left in Chicago area- went indy
6 FAs in So. Cal left between Thursday and Friday last week- most to Wells Fargo I’m told
1 FA in Texas

I won’t be surprised to see another 12-15 get out by Thursday this week. It’s hard to reach clients right  now, but you also have 2 weeks of real down time to focus on reaching key clients. There’s good and bad.  FINRA will be heavy with movement from all firms through the week, it’s always a big move week historically.  People in this group include: 1) followers- those who won’t leave until they see some major players leave. 2) Slow movers… those who know they’re leaving but have to get VERY comfortable with it, 3) Late arrivers… those who finally realized their cheese has moved.

The next wave of movement out of Citi will be the the Fridays leading up to the MLK holiday with the Friday just before the holiday being probably the biggest single move day. Thereafter it’ll reduce to a trickle.  I’m sure the Citi brass will pretty much know their go forward headcount for 2010 after the MLK holiday. You’ll also see a new push on recruiting around this time as they already realize they’re loosing a slew of their potential rainmakers for the “new” model.

Dec 14, 2009 2:00 pm

3 in NY left on Friday that I know of, 2 to a local bank and I don't know about the third...

Dec 14, 2009 3:10 pm

2 $250-300k producers left for LPL in a North suburb of Chicago on Friday.  If I were an LPL recruiter, I’d be half tempted to randomly visit any decent reps left in the branches.  I mean, it’s not like they run the risk of encountering a manager.  When was the last time one of those useless AIMs stopped in to ask how they could help springboard your practice?!  If anything, the recruiter would have to elude bankers to avoid getting lassoed into another checking account.

Dec 16, 2009 9:49 am

Are there any updates on the exodus?

Dec 17, 2009 6:28 pm

No new updates on the ‘exodus’… maybe a couple left today or go tomorrow, but movement will halt till Jan for the most part.  Meantime… C closes at $3.20… markete has little confidence. I cannot image an easier “I’m moving’” story to tell than that for an FA bailing out of Citi.