Citigroup (NYSE:C): Current price $42.35
The now former chief investment officer of its private bank, Richard Cookson, has been sacked. The lender will no longer depend upon one person to lead its investment strategy and will rather try for “better leverage the existing in-house expertise across Citi,” which includes its markets and banking research teams, said an internal memo, a copy of which was obtained by Bloomberg News. In December, Chief Executive Michael Corbat announced that Citigroup will slash some 11,000 jobs while also closing branches and pulling back from certain emerging markets as revenue attenuates at world banks.
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