Citigroup Fires Private Bank CIO Cookson Amid Job Cuts
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Citigroup Inc. fired Richard Cookson, chief investment officer of its private bank, as the third-biggest U.S. bank by assets pares costs.
Citigroup will no longer rely on one person to lead the firm’s investment strategy and will instead seek to “better leverage the existing in-house expertise across Citi,” including its markets and banking research teams, the New York-based firm said in an internal memo, a copy of which was obtained by Bloomberg News.