Citi shuts Smith Barney brokerage business in Taiwan

The closure follows extensive job cuts globally, but Citi says the move is part of a client-driven reorganisation of its wealth management business.

Citi confirmed last week that it will be closing its Smith Barney brokerage in Taiwan as part of a reorganisation that will also see it combine its Smith Barney brokerage and private banking businesses in both Hong Kong and Singapore into one entity focused on high-net-worth investors.

The combined entity will operate under the name of Citi Private Bank, while Smith Barney will disappear as a business unit in Hong Kong and Singapore. CitiÆs wealth management businesses in Australia and...

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