Powered by MOMENTUM MEDIA
subscribe to our newsletter

Citi consolidates wealth businesses

The global bank has merged the wealth management teams in global consumer banking and institutional clients divisions to form a single wealth management organisation.

Citi has unified the wealth teams from its global consumer banking and its institutional clients group to form a new wealth unit, Citi Global Wealth.

The single integrated platform now includes Citi Private Bank and Citi Personal Wealth Management businesses. 

Citi Private Bank serves more than 13,000 ultra-high-net-worth clients, with around US$550 billion ($714 billion) in total client business. The group reported that 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 holds around US$200 billion ($260 billion) in investment assets under management. 

Advertisement
Advertisement

Citi’s 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.”

The new head of Citi Global Wealth, Mr O’Donnell, added: “Our clients are increasingly global in their presence and in their financial needs, and we are committed to helping them preserve and build wealth for themselves, their families and for future generations.

“Creating a unified wealth organisation will help us to deliver the full, global power of Citi to clients while ensuring that we preserve the products, capabilities and expertise of the Private Bank and Consumer Wealth businesses,” Mr O’Donnell concluded.

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. 

PROMOTED CONTENT


[Related: Citi earnings plunge with COVID onslaught]

Citi consolidates wealth businesses
Citi consolidates wealth businesses
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

The IMF has urged Australia to consider reforms around housing supply and lending standards, citing apprehension around the upsurge in prope...

Treasurer Josh Frydenberg has backed the net-zero emissions by 2050 target, warning failure to comply will hurt banks’ access to capital a...

The regulator is set to release information setting out how it would use macroprudential policy tools, after expressing concerns around the ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.