A few minutes ago, Matthew Goldstein at BusinessWeek.com reported that one of Citigroup’s top brokers, Richard Zinman, has left for Credit Suisse. Barron’s magazine recently ranked Zinman as the nation’s 6th-largest broker in terms of assets under management, revenues generated, and customer satisfaction. According to BusinessWeek, Zinman and his team of junior brokers left Citigroup’s […]
Hedge funds marketed by Citigroup as “ideal investments for conservative retirees” have now lost 75% or more of their value. Citigroup’s Smith Barney brokerage unit raised hundreds of millions of dollars for those hedge funds ? called Falcon and ASTA/MAT ? from retail clients who were told that the fixed income funds were safe places […]
In an effort to stave off an exodus of wealthy clients, Citigroup recently pumped $661 million into six troubled hedge funds. The bank also devised a restructuring plan that would potentially enable investors to recoup some of their money. By requiring investors to agree that they will not sue as part of the restructuring plan, […]
