At Citi, Profits Are Down; Smith Barney Wins Five Morgan FAs With Nearly $600m AUM; ML Loses Two
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So Citigroups’ third quarter profits So Citigroups’ third quarter profits are down 57 percent, net income fell to $2.38 billion compared with $5.51 billion in the same quarter last year. The stock price has been at a near standstill since 2004. Investors are calling for Chuck Prince’s head.
But over at its Smith Barney unit, Charlie Johnston’s team had a pretty good recruiting week.
The firm’s recruiters are likely enjoying high praise mostly at Morgan Stanley’s expense. Five Morgan advisors jumped ship to two different Smith Barney offices across the country, bringing with them about $575 million in assets under management … Ouch.
Thomas Markey, David Sondergaard, Adam Namoury and their client service associate Amy Gregorious, left Morgan late last week for Smith Barney’s Stamford, Conn., office which houses 55 advisors and $4 billion in assets. The team brings its own $375 million and nearly $2 million in production.
Over on the West Coast, Greg Thomas and Tim Wade left Morgan after a combined 18 years with the firm. The two, who have $175 million in assets and total gross production of about $1.3 million, signed on with Smith Barney’s La Jolla, Calif., office.
Merrill Lynch also lost reps Richard Schwartz and Alan Jacobson took their $450 million in assets and $2.5 million in production with them to Smith Barney’s Bedminster, N.J., office. They have about 30 years combined experience with Merrill.
And so the recruiting wars continue.
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