New guidelines aim to prevent unruly behaviour at client events
Citigroup Inc. has issued a reminder to its dealmakers about the importance of moderation when consuming alcohol following a series of complaints in a recent client gathering.
Sources close to the situation reported that in recent discussions, employees from various levels within the investment banking division were advised by senior bankers to consider the company's reputation when choosing to drink at business functions. They did not enforce a strict prohibition on alcohol but emphasized the need for disciplined consumption given its widespread acceptance in business contexts.
Citigroup has not provided an official comment on the matter.
These advisories are part of a broader effort by Citigroup's CEO, Jane Fraser, to elevate standards and performance within the banking titan, which has historically lagged behind its competitors. Citigroup has also recently announced cuts of around 20,000 positions in a bid to streamline operations and improve efficiency last January.
Despite these challenges, Citigroup reported a 27% increase in investment-banking revenue in the last quarter of the previous year, compared to the same period a year earlier. However, the division also faced a $322 million loss from a 37% increase in expenses.
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