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Desjardins has been ordered to pay $875,000 due to inadequate supervision of two financial advisors, as reported on November 21, 2024. Separately, Citigroup has filed a lawsuit against former private bankers John Mitchell and Benjamin Carr, who recently transitioned to Bank of Montreal's wealth management division. The lawsuit alleges that the bankers improperly took business and client information with them. This legal action is part of a broader trend, as approximately 18 professionals left Citigroup's Law Firm Group for BMO. The case underscores ongoing concerns regarding trade secrets and client confidentiality in the competitive banking sector.
Citibank accused two private bankers of illegally taking client information when they left Citibank to work for competitor BMO Wealth Management. https://t.co/vuhq0D5TeM
Citibank and Citigroup Global Markets sued private bankers John Mitchell and Benjamin Carr over trade secrets. The pair were among about 18 banking, investment and planning professionals who left Citi's Law Firm Group for Bank of Montreal https://t.co/cHmoevKTm6 https://t.co/x7WPLvHuS3
Citi sues ex-law firm group bankers over trade secrets https://t.co/gg8lfwDS5C https://t.co/qweRCMcWKC
