Citigroup has formed a single wealth unit, consolidating its global consumer banking and institutional clients divisions.
The new segment, Citi Global Wealth, is a single, integrated platform and will include the group’s private bank and consumer wealth businesses.
Global head of investor sales and relationship management Jim O'Donnell will lead the new wealth division, reporting to Anand Selva, chief executive of global consumer banking and Paco Ybarra, CEO of the institutional clients group.
In an internal memo, Citi CEO Michael Corbat and president and incoming chief Jane Fraser commented: “Making wealth management a key differentiator and source of enhanced returns for Citi will be an important element of our strategy going forward and putting the full force of our firm behind an offering in this way is indicative of the approach we’re taking to transforming our bank.”
Citi Private Bank serves more than 13,000 ultra-high-net-worth clients, with around US$550 billion in total client business. The group reported its clients now include 25 per cent of the world’s billionaires and more than 1,400 family offices in more than 100 countries.
Meanwhile Citi’s Global Consumer Bank has around US$200 billion in investment assets under management.
The new head of wealth, Mr O'Donnell, has been with Citi since 1999, having been responsible for the distribution of global markets products to the company’s equities, fixed income, currencies and commodities clients in his last role.
He commented the group’s clients are “increasingly global in their presence and in their financial needs”, with demand for building and preserving wealth for themselves and their families.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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