Citi has announced that it has created a single wealth management organization, Citi Global Wealth, unifying its teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG).
In a press release, the firm has revealed that Citi Global Wealth will be an integrated platform serving clients across the wealth continuum, from the affluent segment to ultra-high net worth (UHNW) clients. The new organization will be led by Jim O’Donnell, who joined Citi in July 1999, and will include the Citi Private Bank and Citi Personal Wealth Management.
O’Donnell will report to Anand Selva, CEO of Global Consumer Banking, and Paco Ybarra, CEO of the Institutional Clients Group. Prior to his appointment to this new role, he was Global Head of Investor Sales and Relationship Management, responsible for the distribution of global Markets products to Citi’s Equities, Fixed Income, Currencies and Commodities clients.
“Making wealth management a key differentiator and source of enhanced returns for Citi will be a key 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 CEO Michael Corbat and Citi President and incoming CEO Jane Fraser said in an internal memo announcing the new business.
Meanwhile, O’Donnell pointed out that their clients are increasingly global in presence and financial needs, and they are committed to helping them preserve and build wealth for themselves, their families and future generations. “Creating a unified Wealth organization 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”, he added.
Citi Private Bank serves more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities in over 100 countries. The firm points out that its business model enables them to focus on fewer, larger and more sophisticated clients who have an average net worth above 100 million dollars.
Furthermore, through its Citigold, Citigold Private Client and Citi Priority offerings, Citi’s Global Consumer Bank provides institutional grade, personalized wealth management services to clients. The unit has approximately 200 billion dollars in investment assets under management globally and serves clients in the U.S., Europe, the Middle East, Asia and Mexico.
For Clara Suarez
For Meritxell Sedo
For Marcelo Soba