Morning Coffee Feb 18 2011

Citigroup Broker Unit Ponders Next Move

By julie steinberg

Now that Citigroup's personal banking and wealth management head, Deborah McWhinney, has moved to a new post, what will happen to the business?

Citigroup lost between 150 and 200 brokers and their clients after the spinoff of Smith Barney in 2009. It also lost brokers due to implementing a fee-based model. Some believe that McWhinney's departure points to deeper trouble within the unit. A former Citi manager told Bank Investment Consultant that they didn't understand why she would make the move.

"It's hard to say what the real story is and we may never know," the person said. "What we do know is that her strategy didn't sit real well with the retail bank broker program which is the lion's share of their business."

Without her, the unit may ax the fee-based strategy and copy Merrill Lynch's online approach with Merrill Edge. Or it may try to focus its efforts in the international arena. (Bank Investment Consultant)

Dimon's Diamonds (FINS)

Jamie Dimon will take home a cool $17 million in equity awards for his efforts in 2010. And that's not even counting his cash and salary compensation, which haven't been announced yet.

French Comeback (FINS)

BNP Paribas boosted revenues, headcount and compensation in 2010. It's also planning on building out its M&A services in Europe and the U.S.

Moving Up (Bloomberg Businessweek)

Morgan Stanley promoted finance director Paul Wirth to deputy chief financial officer. Wirth, 53, will report to chief financial officer Ruth Porat.

Getting to the Top (GoingConcern)

How long does it take to make partner at E&Y? If you're lucky, you're looking at a minimum of nine years, though 12 to 15 is more realistic.

Less Money, More Problems (Washington Post)

As predicted, the House didn't finish debating the government funding bill yesterday as there are hundreds of amendments to go through. The Senate won't have a chance to look at the bill until the first week of March.

A True Friend (WSJ)

Stabs you in the front, or wears a wire to secretly record your confessions about insider trading? "Julius Caesar" may have just gotten a 21st century rewrite.

An Untold Story (Reuters)

Ever wonder how Somali pirates and various governments come to an agreement about releasing hostages they've held for ransom? Enter the somewhat obscure (and fascinating) kidnapping-and-ransom sector of the insurance industry.

Mortgage Woes (Bloomberg)

Mortgage lenders are about to face some unpleasant penalties from regulators. They may have to pay fines for their actions during the foreclosure mess.

Asking for Feedback (Cynical Girl)

When you want to get feedback on a project from a mentor or colleague, give them a bit of notice. If you flag them down in the hallway they'll just get flustered. If you ask to meet with them in a couple weeks, they'll have more time to collect their thoughts.

Yoga with the Bosses? (NYPost)

You've no doubt heard of going golfing with the boss, but doing the downward dog with them? Yoga is becoming a hot business-bonding ticket in town for those who are sick of the Scotch-after-golf lifestyle.

Lights, Camera, Action (The Hollywood Reporter)

Once Hollywood sinks its teeth into something, say, finance-themed movies, it doesn't let go. Next on the docket is the adaptation of the book "The Wolf of Wall Street." Martin Scorsese will direct and Leo DiCaprio will star.

List of the Day: Interviewing with Confidence

When you go on an interview, employers want to see that you're confident in both actions and words.

1. Be enthusiastic.

2. Don't be cocky.

3. Project assuredness with body language.

(Source: AOL Jobs)

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