Cetera loses more top executives

Cetera Financial Group has seen a shakeout among senior executives, with five leaving so far this month.

Last week, InvestmentNews reported that Michael Murray, head of business development in charge of recruiting, had left the firm. Four other top executives have left in April, according to BrokerCheck profiles and LinkedIn posts.

The departures include: Catherine Bonneau, chief operating officer; John Barragan, senior vice president and head of strategic operations, who's now at Goldman Sachs’ United Capital business; Britt Woods, senior vice president and national sales manager; and Jeffrey Bottorff, vice president and national recruiting director.

Cuts to senior management are one way a broker-dealer can reduce costs. Cetera has 1,700 home office employees, according to its website. It's not clear if the company plans to shed other jobs or senior employees.

Bonneau "informed us of her decision to leave late last year," Cetera spokesperson Adriana Senior wrote in an email. "She graciously stayed on through a transition period into April."

Senior did not respond to questions about how many employees or senior executives have either left Cetera on their own or are losing their jobs. She wrote that the company is focused on its advice-centered strategy, which includes "assessment and investments in talent, technology and strategic acquisitions in support of our commitment to growth and service."