Not everyone was firing - at least not all the time.
Reuters reports that in the summer of 2010, senior executives at Citigroup told the board of directors the bank needed to hire more dealmakers to have any chance of snagging underwriting assignments and rich takeover advisory fees.
Competitors, including JPMorgan Chase and Morgan Stanley, had picked off the company's rainmakers during the financial crisis, when Citigroup's stock fell more than 95%. And after the U.S. government rescued the bank, it took a more direct role in setting Citigroup's pay.
If Citigroup did not hire more dealmakers, the executives said, the bank would lose more and more market share. The board, despite some naysayers, approved the hiring campaign. On Monday, the bank showed how its investment is paying off.
Citigroup reported that its investment banking revenue from advising companies on mergers rose 84% to $204m in the first quarter. It was the third consecutive period of big gains in investment banking revenue.
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