Citi Switching Remaining Brokers to Fees

It hasn’t taken long for Debbie McWhinney to make her mark at Citigroup. On October 5, Citi Personal Wealth Management announced that the brokers who operate in Citibank branches will change their compensation models immediately from commissions to fees, embracing a fiduciary standard.

McWhinney, the former chief of Schwab Institutional who became head of Citi Personal Banking and Wealth Management in April 2009, said in a statement that the bank would also work with independent RIAs to “complement its in-house expertise and broaden its geographic coverage,” and that Citi was in “advanced discussions with some of the nation’s top independent RIA businesses and expects to announce agreements in select markets in the near future.”