Comment: Citigroup Fires Private Bank CIO... Amid 11 Thousand Job Cuts!

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Citigroup Fires Private Bank CIO... Amid 11 Thousand Job Cuts!

Citigroup Inc. fired Richard Cookson, chief investment officer of its private bank, as the third- largest U.S. lender by assets pares costs. [ 1 executive : 11 workers ... Citi: Fair (once) & balanced (11,000 fold). Happy New Year! ]

Citigroup will no longer rely on one person to lead the firm’s investment strategy and will instead seek to “better leverage the existing in-house expertise across Citi,” including its markets and banking research teams, the New York- based firm said in an internal memo, a copy of which was obtained by Bloomberg News.

Chief Executive OfficerMichael Corbat, 52, said in December that Citigroup will cut about 11,000 jobs, while also shutting branches and pulling back from some emerging markets as revenue dries up at global banks. Cookson’s dismissal was part of the announced job cuts, according to a person familiar with the matter, who asked not to be identified because the information isn’t public.

“While we believe it’s critical to retain an independent investment view and voice, there will no longer be a requirement for a single individual to formulate the firm’s investment strategy and asset allocation,” Jane Fraser, CEO of Citigroup’s private bank, wrote in the memo.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul