citi-shuts-smith-barney-brokerage-business-in-taiwan

Citi shuts Smith Barney brokerage business in Taiwan

The closure follows extensive job cuts globally, but Citi says the move is part of a client-driven reorganisation of its wealth management business.
March 24, 2008
Citi confirmed last week that it will be closing its Smith Barney brokerage in Taiwan as part of a reorganisation that will also see it combine its Smith Barney brokerage and private banking businesses in both Hong Kong and Singapore into one entity focused on high-net-worth investors.

The combined entity will operate under the name of Citi Private Bank, while Smith Barney will disappear as a business unit in Hong Kong and Singapore. CitiÆs wealth management businesses in Australia and India will be unaffected by the reorganisation, the bank said.

The closure refers only to the Smith Barney brokerage business that is part of the bank's wealth management arm. Citi will continue to offer brokerage...
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