Citi Cuts Low Producers, Forces Others Into Teams

Bank jettisons advisors who can’t adapt to fee-based model -- As part of a massive restructuring of its investment unit, Citibank laid off 75 predominantly lower-producing advisors, mostly in New York and California, according to Citi spokesperson Alexander Samuelson. Citi had 600 advisors before the layoffs...

The bank is implementing a two-tier system, including an automated commission-based service for mass-affluent clients and a registered-investment-advisor style, fee-only service model for high-net-worth customers...

On Wall Street: Citi Cuts Low Producers, Forces Others Into Teams