Citigroup Inc. will let U.S. retail customers bet on stocks without paying fees as the bank tries to expand its wealth business in the face of fierce competition from Silicon Valley ventures, discount brokerages and big-banking peers.
The Marcus Group, led by 23-year industry veteran Seth Marcus, will have offices on Manhattan’s Fifth Avenue and in Stamford, Connecticut, while solo advisor Nicholas Crocitto also joins in Stamford.
Citigroup Inc.’s dealmakers have been keeping busy with family offices looking to get in on the blank-check frenzy. Now the lender wants to bring its private bank a piece of the action.
The 10-person group had been overseeing $2.9 billion in assets and is based out of New York City and Boca Raton, Florida.
Citigroup Inc. will resume job cuts starting this week, joining rivals such as Wells Fargo & Co. in ending an earlier pledge to pause staff reductions during the coronavirus pandemic.
Citigroup Inc.’s revenue from fixed-income trading surged 68%, beating the most optimistic analyst estimates and keeping the bank solidly profitable in the second quarter as it set aside $7.9 billion for souring loans.
Citigroup Inc. and Morgan Stanley told employees not to travel internationally for non-essential business, expanding earlier restrictions in Wall Street’s latest responses to the spread of the coronavirus.
Citigroup Inc. has grown concerned the U.S.-China trade war will persist long enough to dent any potential profit rebound for corporate America.