JPMorgan Chase has stepped up efforts to lure New York’s top lawyers to its private bank, seeking to break rival Citigroup’s stranglehold on some of Wall Street’s wealthiest clients. JPMorgan this year poached one of Citi’s top private bankers in the field, Bola Oyesanya, in a bid to chip away at its rival’s dominance in New York.
One big scoop as the FT Banking Summit kicks off: Barclays is exploring a plan to drop thousands of clients at its investment bank as part of a strategic overhaul designed to boost profits and cut £1bn of costs. Few outside the mahogany corridors of Manhattan’s legal elite are aware that Citigroup, the struggling US bank in the midst of a giant round of lay-offs, is the most dominant service provider to the legal business. Citi’s pursuit of hotshot lawyers started in 1971 when two of its private bankers had the brilliant idea to court partners from white-shoe law firms whom they figured had rich clients they could refer to the bank.
In the latest trading session, Citigroup (C) closed at $45.08, marking a -0.33% move from the previous day.