Citibank / citi personal wealth mgmt advisors
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TODAY we’ll see if there’s any real momentum out the door amongst the Citi crew. My hunch is maybe 10-20 leave today, that number doubles next Friday and then a slow drip through Thanksgiving.
Really??? I heard we weren’t able to join the joint venture, some sort of block they put on the reps? Could it be if we contact the mssb managers ourselves, could they hire advisors like that instead? Just curious because they didn’t give us the option at first…
[quote=meletio] Are you joking. your entire industry lost money and can’t manage their own money. face it…you are a loser who works for other losers trying to skim a tiny bit of each clients moneyand turn it into your own. The days of a broker thinking he is hot sh*t because he works for a Wall Street firm are over. You are nothing but a commodity selling a commoditized product that any client can buy thru fidelity or Schwab for 1/3 of the fees.
[/quote]
fees hit yesterday.
$247,897.
God bless america
I heard that a 2 million dollar producer from NY left Monday to Morgan Stanley Smith Barney. I am curious if anyone can confirm. I thought MSSB would not be an option.
Yes a group on the north shore left for MSSB. Heard they got a nice package.
It is going to be the easiest book transfer in history: Mr client, as we discussed several years ago the SB platform is a diverse competitive platform for me to effectively manage your finances. Now Citi is insisting that I no longer bring you the right product to fit your needs; instead they only will allow me to charge you an annual fee in order to boost their revenues to bring the company out of bankruptcy. I think we should stay on the same platform we have been working on for several years. Sign this form and we will continue as we have been. Oh, and by the way, if you do not come with me there will be no one at Citi to work with you. I don't work for them, but I see that as a pitch. And no, they are not calling the book of the team that just left. From what I hear, in general, they would prefer most of the advisors to leave in order to wind down the business.I heard that they were calling his clients, and that when Lee went to the branch to drop off his keys on Saturday that there were three guys there calling his clients plus callers from the national call center.
I do not think it will make any difference. Most clients that hung around with Citi after all of the crap that has gone down, only stayed around because of their advisors. I suspect most clients are glad to move out out that sh*thole.
The only thing that would have been easier would have been to block tranfer all of his accounts. In any case I heard he already had 180 out of 220 million in AUMs commited to moving.
Are you sayig that a 2MM team from Citi got recruited by MSSB?
Doesnt make sense - i cant believe when Citi made the deal to form the JV with MS, they were dumb enough to not have MS sign a non compete when it comes to recruits.....no wait, actually, i can. But seriously is that what really happened?Look up their names and pull them up in FINRA.org… broker check man… its’ easy to see that their registration MOVED to MSSB 3 days ago! MSSB has ZERO interest in guys < $500k. If you’re over $500k AND you can show a solid upward trajectory in asset growth AND you’re doing a significant amount of fee based business etc… they’ll be all over you. MSSB is not alone. I know for a FACT some guys are close to getting decent offers from ML as well. Again let me be clear, the wires are not chasing the $250k producing annuity hound. They’re being selective, paying attention to frequent movers, U4s, etc.
[quote=Sportsfreakbob]Are you sayig that a 2MM team from Citi got recruited by MSSB?
Doesnt make sense - i cant believe when Citi made the deal to form the JV with MS, they were dumb enough to not have MS sign a non compete when it comes to recruits.....no wait, actually, i can. But seriously is that what really happened? [/quote] This was a one off situation. It was literally on Vikram P's desk. I've heard all other calls from $1mm+ guys have since been respectfully declined (Westchester crew?). As far as the calling of the book, I personally know one of the people "assigned" to call and "they" are, lets just say, not hitting the phone very hard... When the producer leaving is heads and shoulders above the talent of any one else in the company and most of the industry for that matter, saving the assets is a dead issue...I find it extremely hard to believe that Vikram Pandit actually concerns himself with other businesses aside from the institutional client group, i-banking or prop trading. Hence one of the reasons ‘Dear Sally’ left for Mother Merrill…
Believe it, this was a ceo to ceo exception. I know a few people close to the deal…
Even if it’s a so-called “one- off” attorneys will have a field day , it’s total bs if they block other reps for doing the same. You can’t just say well ok you guys are ok, but the rest of you no… If they don’t want reps yo leave, they should have included us in jv, very simple… Then again, it’s citi…
[quote=shantom1]Believe it, this was a ceo to ceo exception. I know a few people close to the deal…[/quote]
Did you overhear the conversation while you were bringing Vikrim his coffee?
Funny. I don’t really care what you think. I know the same person who put together the deal has received literally dozens of calls from citi reps and has had to respectfully decline them. What makes this so hard to believe?
What would make it an attorneys field day? You are employed at will, they can do anything they want. If BOTH parties to the non compete agree, then there is not a question. Who would be the ones to sue? A citi rep. HAHAHA, "Mr attorney I want to sue mssb because they wont hire me, I'm really really good and they wont hire. They hired Lee, but they wont hire me, it's just not fair!!!" (sounds of baby crying...)Did said MSSB manager decline the Citi reps’ calls because of a conflict of interest or production level? I still can’t imagine that Vikram would involve himself with a $2mm bank channel team after a year of firms like UBS absolutely raiding his high-end SB producers with 250%+ deals. From what I recall and under Vikram’s watch, $40 billion in assets flew out the door due to Smith Barney and Citi Private Bank attrition. Better hurry or that big Citibank team might leave! I hope a good number of Citi reps find a home at MSSB…it’s adequate reparation for all of Citi’s b.s. and lies…
Vikram took time away from waving bye-bye to Bobby Rubin, getting pissed-on by his $100 million dollar a year Philibro energy trader, squaring Citi's ultra-leveraged trading positions and crunching numbers on the 11% interest per annum he's paying on an essential junk bond sold to Abu Dabi investment corp.....sums up parts of a "day-in-the-life-of" I still don't buy it man, sorry.If Vikram cared so much, why didn’t he offer retention to Citi’s top bank channel advisors? enough said.