Citigroup is outsourcing some investment services offered to U.S. branch customers to external advisers, Financial Times reports. The bank will start referring some wealthy clients, who deal with 550 brokers, to independent financial advisers.
Citi will receive a referral fee for each customer they direct to an independent adviser. The bank will also retain some of its brokers as fee-based financial consultants. The move, to take place next year, will give customers the option of choosing between internal and external advisers.
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