citi more global than other american banks

At the bank's investor day last year, Citi said segment revenues were projected to grow by high single digits to low teens in the next three to five years. The reorganization brought wealth services for the ultrawealthy and less affluent under one umbrella.Īs part of an effort to 'double down on wealth,' Citi created four wealth hubs - in London, Singapore, Hong Kong and the United Arab Emirates - and hired hundreds of advisors and relationship managers to deliver more growth. The consolidation of Citi's wealth management businesses into a single division was one of the first big changes that Fraser made when she moved into the CEO role in March 2021.

'So the core of the strategy will not be changing with him coming on board.' 'His mandate is consistent with the strategy we laid out at investor day,' Fraser said, referring to an event held in March 2022. Sieg has 'deep product and digital expertise' and is 'a proven people leader,' Fraser said, adding that Citi 'will certainly be taking full advantage of his expertise and experience in the U.S.'

Sieg, who is set to join Citi in September, will succeed Jim O'Donnell as Citi's head of global wealth management. 'We are not shifting our strategy in wealth,' she said.Ĭiti will soon add Andy Sieg, who since 2017 has been president of Merrill Wealth Management, Bank of America's wealth management division. There's also 'tremendous potential growth' by tapping into Citi's private bank and family office franchises as well as referrals from other business lines, according to Fraser.

Citi more global than other american banks