The banking giant has given up its holdout position among Wall Street lenders as new jobs data from August show "clearer evidence of deterioration."
The bank's alliance with the asset management behemoth will see Citi unveil a new customized portfolio offering for clients across nearly 100 countries.
The deal announced Thursday will see the firms offering target-date strategies, model portfolios, and other vehicles with a dose of private investment exposure.
Meanwhile, an experienced Connecticut advisor has cut ties with Edelman Financial Engines, and Raymond James' independent division welcomes a Washington-based duo.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Two reports reveal investor behavior including earlier participation of young Americans.
Edward Jones' job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.
Those jumping ship include women advisors and breakaways.
Sieg, 58, was head of Merrill Wealth Management, left in 2023 and returned that September to Citigroup, where he worked before being hired by Merrill Lynch in 2009.
Firms announce new recruits including wirehouse breakaways.
Wells Fargo has also added more than $800 million in new AUM with recruitments from UBS, Osaic, and Merrill Lynch.
Wells Fargo, Commonwealth, UBS are the firms losing advisor teams.
Since Vis Raghavan took over the reins last year, several have jumped ship.
It is not clear how many employees will be affected, but none of the private partnership's 20,000 financial advisors will see their jobs at risk.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
Meanwhile, Stephens lures a JPMorgan advisor in Louisiana, while Wells Fargo adds two wirehouse veterans from RBC.
Meanwhile, Ameriprise has lured a 28-year veteran advisor away from Merrill in Pennsylvania, and taken over a bank-based investment program from Osaic in Michigan.
The bank's new training initiative aims to add hundreds of advisors as it expands its mass-affluent advice unit, according to Barron's.
Agreement with the US Department of Justice comes eight years after settlement.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
