Smith Barney cutting managers, branches

The firm is also streamlining its retail management structure by consolidating four divisions into two and cutting the number of regions from 20 to about a dozen, sources say.

Smith Barney is consolidating some branch offices around the country, and also getting rid of some managers, sources say.
In addition, the firm is streamlining its retail management structure by consolidating four divisions into two and cutting the number of regions from 20 to about a dozen.
It’s unclear exactly how many branches will be closed or how many managers will be let go.
Affected branch managers are now in the process of being told the news, sources say.
“We heard 40 branches would be closed,” said one Smith Barney broker who asked not to be identified.
This rep said the firm hasn’t publicly identified which offices would be shuttered.
But this broker and other sources said smaller satellite offices would be the most likely targets for closure.
The move is seen as a cost-cutting effort.
Smith Barney’s parent company, Citigroup Inc. of New York, is under pressure to strengthen its balance sheet in the midst of the credit crisis.
At the same time, it is attempting to take on some of Charlotte, N.C.-based Wachovia Corp.’s banking assets.
Smith Barney spokesman Alexander Samuelson declined to comment.