Citi Private Bank has hired Jacob Alvarez from rival JP Morgan to join its New York-based wealth management team.
Alvarez had been with JP Morgan Private Bank since 2012 and was a also a member of its financial sponsors group, which advises private equity firms on leveraged buyouts, mergers and initial public offerings.
He is joining Citi's Metro New York office and will report to Ida Liu, the complex’s global market manager.
A spokewoman for Citi Private Bank told Citywire Americas that this office caters to New York-based clients that have assets in multiple geographic regions.
Alvarez is the second private banker Citi has swiped from JP Morgan Private Bank in the past few months. In November last year, Nicole Nunag, a managing director and senior banker at JPM Private Bank, left to join Citi and was appointed a managing director in the Metro New York office.
Commenting on the new arrival, Liu said: ‘We continue to grow our wallet share amongst New York based ultra-high net worth clients who want a Private Bank with global capabilities as many competitors have decreased their geographic footprint.
'Jacob has over 10 years of financial experience, and a varied skill set in fixed income, equities and alternative investments that our clients will benefit from.’
JP Morgan Private Bank declined to comment.