Clients fled Citigroup’s global wealth management business at the fastest rate since the global financial crisis began in the first quarter, pulling $40bn of assets from the US bank.
From Wealth Bulletin:
Clients fled Citigroup’s global wealth management business at the fastest rate since the global financial crisis began in the first quarter, pulling $40bn of assets from the US bank.
The wealth management business continued to suffer despite Citigroup posting its first profit in 18 months, with first quarter net income of $1.59bn compared with a loss of $5.11bn in the same period last year.
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Citi, which plans to offload its Smith Barney brokerage operation to a joint-venture with Morgan Stanley, saw a 20% decline in global wealth management revenues in the first three months of the year compared to the same period last year, with net income down 11% thanks to cost savings.
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