CITIGROUP dealmakers were told to be disciplined when consuming alcohol at client events after the bank received complaints of unruly behaviour, according to sources with knowledge of the matter.
In calls late this week, bankers at all levels – from analysts to managing directors – were reminded to keep the firm’s reputation in mind when drinking, said the sources, who asked not to be identified discussing confidential information. The senior bankers leading the calls did not put a complete curb on the consumption of alcohol, noting that drinking in business settings has wide cultural acceptance, the sources said.
A representative for New York-based Citigroup declined to comment.
The stern words to Citigroup’s investment bankers come as chief executive officer Jane Fraser is working to raise standards across the Wall Street giant after years of underperformance relative to peers. Citigroup’s management is cutting 20,000 roles but has so far left investment banking less affected than other divisions.
The bank last month reported that investment banking revenue climbed 27 per cent in the fourth quarter from a year earlier. Still, the division had a US$322 million loss, largely the result of expenses surging 37 per cent. BLOOMBERG
