Going to the bank for day-to-day tasks is becoming passe in hyper-digitally-connected South Korea. Citigroup Inc. is responding by betting more on giving investment advice to the growing number of the wealthy.
Advisor was fired on trumped-up charges so that bank could quickly reallocate his book before he left voluntarily because of tightened account-opening policies, according to his lawyer.
Longtime Citi brokerage manager Drue Anderson in New York goes west to join J.P. Morgan while First Republic lands Wells Fargo advisory team in Boston.
Brokers at Citi Personal Wealth Management will lose protection of the pact on January 8, as the bank becomes the second member of the original three Protocol signatories to withdraw.
After selling Smith Barney, Citi’s feed to its clearing firm mischaracterized 38% of stock ratings on firms covered by its analysts.