The good times must have returned at Citi, as lucrative contracts appear to be back in vogue.
Apparently Citi approached Robert Joss last year to become a main board director, but he indicated that he'd much rather offer consulting services to the firm's senior executives. In the event, the former Dean of Stanford Graduate School of Business and Wells Fargo exec, bagged both assignments. And now it's created a bit of a furore.
Joss is likely to be paid around $350,000 for 3 weeks work advising some Citi executives on risk management, leadership and strategy (and that's on top of his pay as a Citi director) And, according to The New York Post, corporate governance experts are wondering how he can possibly be considered an independent director, when he's being sucked into the firm's business at this level.
In the meantime, Bloomberg reports that shares in global asset management firm Legg Mason rose 11.45% Tuesday, on the news that the firm is to buy back $1bn of its stock and on the unveiling of details of a cost-cutting plan.
Finally, The Wall Street Journal reports that Bob McCann, the head of UBS Wealth Management Americas, has been busy unveiling his strategy, which is being driven around 'reducing attrition among financial advisors, continuing to cut costs, boosting advisor revenue and expanding the lending side of the business'. Good luck, Bob, probably a case of 'easier said than done'.