It's hardly news that Wall Street banks work extra hard to please clients who pay them lots of money, and work less hard to please clients who pay them...less money. But it's always nice to know exactly where one stands, and if one is trading through, let's say, Citigroup, one might like to know exactly where one lands in the pecking order compared to Citi's other clients. For instance, can you count on your guy at Citi to stand in line to buy you a cronut and if not, who the hell is he too busy servicing to take your call/do your bidding? It's those jerks at Millenium isn't it? Oh, you always suspected as much, but now you've got the cold hard proof.
There’s a secret list that Citigroup Inc. keeps on its equity-research desk at its swank campus in Tribeca. And if you’re not on it -- well, you might as well be nobody. At the top is a handful of hedge-fund giants, the “Focus Five,” that bring in big money for Citigroup: Millennium, Citadel, Surveyor Capital, Point72 and Carlson Capital, according to a person with direct knowledge of the list. It represents a growing trend on Wall Street where the most-lucrative clients get the best service: the top trade ideas, hours-long calls with analysts, intimate soirees with executives, bespoke trading models, on and on.