By telling employees to sit tight!
From: Mike CorbatSent: Monday, January 12, 2009 9:35 AM
Subject: Recent Press Coverage
To all GWM Colleagues:
Clearly, there has been a great deal of recent media coverage around a possible joint venture between Morgan Stanley and Smith Barney. I know that it's frustrating to read about a rumored agreement in the press, and we're sorry about that. Should there be any news, we will communicate with you as quickly and candidly as possible.Until then, I appreciate your hard work and continued focus on the business and your clients.
Regards,
Mike
CEO Citi Global Wealth Management
Posted by MarshallStack , Jan 12, 2009 10:10AM
Like throwing an anvil to a drowning man.
Posted by guest , Jan 12, 2009 10:12AM
I love the term Wealth Management
Posted by guest , Jan 12, 2009 10:15AM
@2 what will be the next euphemism after 'Wealth Management' irreparably linked to 40% losses?
Posted by guest , Jan 12, 2009 10:16AM
"You know something is happening, we know something is happening, but we aren't going to tell you".
Great "team" playing!!
Posted by guest , Jan 12, 2009 10:19AM
"I know that it's frustrating to read about a rumored agreement in the press, and we're sorry about that."
This is exactly how I talk to my 3-year-old: "I know that it's frustrating to have to eat broccoli and not cupcakes for dinner, and I'm sorry about that"
Posted by guest , Jan 12, 2009 10:20AM
Charles.....time to spread more rumors -get on the horn and find out what's REALLY going on!
Posted by guest , Jan 12, 2009 10:22AM
Global Asset Growth Management? GAG'M?
Posted by guest , Jan 12, 2009 10:25AM
this is paulson holding a gun to vicki's head, saying that he's has to sell something to offset the 4Q $10b black hole. typical gs massage technique. if this goes though, what's left to make money for the firm? the rainmaker quit on friday.
Posted by guest , Jan 12, 2009 10:38AM
I work for Smith Barney and they just changed the comp plan downward, raised insurance premiums, etc. Basically bankers (bean counters) are in charge. Many brokers will be leaving soon. My guess is that they (VP) is trying to unload before the mass exodus hits the bottom line. Management has been walking arount with targets on their backs.
Posted by guest , Jan 12, 2009 10:40AM
In other words- You will hear any news after Vinny Gaspareeeno steals it from Dealbreaker and reports it as news. GBTW Mofos
Posted by guest , Jan 12, 2009 10:44AM
I work at Smith Barney, and I can tell that the firm cultures are way to different for a merger to work. For one thing, everyone who works here is a vampire.
Posted by Conflicts of disinterest , Jan 12, 2009 10:52AM
@7 - GAG'M - that is some funny shit...HAHAHA! Why cant the rest of you clowns entertain me like that??
Posted by guest , Jan 12, 2009 10:54AM
Cannot believe he didn't blame DB for the leaks
Posted by guest , Jan 12, 2009 11:06AM
11 Maybe so, but the opportunities for cost reductions are just too juicy to pass this up. Sounds like a winner to me, unless you're one of the support staff that will be deemed duplicate.
Posted by guest , Jan 12, 2009 11:06AM
@3 I predict it will include the word risk, like "Asset and Risk Management". Something like that.
Posted by guest , Jan 12, 2009 11:11AM
You could substitute Worldwide for Global and make it WAG'M.
Posted by Goldbugs69 , Jan 12, 2009 11:30AM
Reminds me of when I worked at Citi two years ago. The group manager/SVP told
my 200 person group in multiple meetings that there would be no layoffs in the forseeable future. Business was good. Less than two months later all were fired.
Old Citi business motto: do it now and apologize later.
Posted by Anal_yst , Jan 12, 2009 11:59AM
@14
Or, they could just, ya' know, make their individual brokerages run more efficiently without jumping head first into a questionable JV, duh?
Posted by guest , Jan 12, 2009 12:01PM
18 The impact of a combo dwarfs anything they could do individually.
Posted by guest , Jan 12, 2009 12:12PM
Mike Corbat, can't you take another look at it and come back to everyone with a definitive answer? Only dumb people will believe this pile of crap you are pushing, sad day when the media has more street cred than business and government leaders....
Posted by guest , Jan 12, 2009 12:37PM
#12 - ..."I'm funny how, I mean funny like I'm a clown, I amuse you? I make you laugh, I'm here to f'N' amuse you? What do you mean funny, funny how? How am I funny?"
Posted by guest , Jan 12, 2009 12:55PM
@ 18 You're thinking too logically. Too linear. Smith Barney does not work in a logical fashion. I cant speak for Morgan but Smith Barney does everything the hard way, the long way and the road never travelled. The company itself is too busy getting in its own way to ever learn how to be effective and efficient.
Posted by guest , Jan 12, 2009 3:16PM
If I was a headhunter I would be aggressively calling on Smith Barney brokers right now. Make no mistake Mr. Morgan, unless their are incentive payments around there will be a mass exodus from SB employees. The majority of SB brokers have absolutely no faith whatsoever in Citi's senior management.
Posted by guest , Jan 12, 2009 3:27PM
23 Except that the competition is wounded (ML, Wachovia Securities, UBS) and the prospects for revenue generation going forward are significantly less than even six mos ago. Not an environment where firms are willing to pay big bounties to pry away brokers. A more likely scenario is that the good ones will opt to go off on their own, as independent financial advisors.
Posted by guest , Jan 12, 2009 9:36PM
who cares if the knuckledraggers head off to another firm/ on their own/ zombies? the deal is getting sold on "synergies" and "cost savings" and "steady revenue streams" all of which is complete bull shit in a market like this. there is always a bid for good brokers away with solid fee-based businesses and loyal clients. even the dumb ass brokers who lost their clients 50% since 07 still keep preying on their clients insecurities.... that works in all markets!!! good luck DEAN SOLOMON! back to life from the dead a combination of completely disastrous proportions.
Posted by guest , Jan 16, 2009 3:15PM
Speaking of drowning men, can someone throw out a life raft or two for those of us in Richmond, VA at Smith Barney???
Posted by guest , Jan 16, 2009 3:18PM
Speaking of drowning men, can someone throw out a life raft or two for those of us in Richmond, VA at Smith Barney???