Citigroup Coping with Identity Crisis
Looking to cut out some letters and put some distance
from its origins, Citigroup said it is now calling its
asset management group, ready for this, Citibank Asset
Management.
The old name was “SSB Citi Asset Management” with the “SSB”
referring to Salomon Smith Barney. At the retail
level, the name of “Citibank Private Bank” was changed
to “Citigroup Private Bank.”
The name changes are the result of the merger between
Salomon Smith Barney, Travelers Insurance Group and
Citigroup.
While the goal of the name changes is to “simplify” and
“streamline” the business lines around the world, according
to Thomas Jones, co-chairman and chief executive of
Citigroup Asset Management, those simple changes are not
cheap.
Citigroup is spending $100 million in advertising this year
to promote the “Citi” name worldwide.
Citigroup Asset Management had $401 billion in assets under
management as of year-end 2000.
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