Citi is combining its private banking and wealth management businesses into one global unit.
The firm’s new wealth management business will be named Citi Global Wealth and integrate Citi Private Bank and the firm’s consumer wealth units, which include Citi’s International Personal Bank and Personal Wealth Management divisions.
Citi employees were informed of the changes on Thursday afternoon in an internal memo penned by Citi’s incoming chief executive Jane Fraser and Michael Corbat, who is retiring as CEO next month.
The new Citi Global Wealth business will be led by Jim O’Donnell (pictured), who was previously Citi’s global head of investor sales and relationship management, the memo said.
In his new role, O’Donnell will report to Anand Selva and Paco Ybarra, Citi’s global head of consumer banking and head of institutional clients group respectively. The group has not yet appointed a replacement to take over O’Donnell’s previous role.
Citi Private Bank caters to the firm’s ultra-high and high net worth clients across the globe and was until recently run by Peter Charrington, the unit’s global head who left in October last year.
The firm’s International Personal Bank unit manages Citi’s offshore wealth management business booked through the US and caters to the group’s offshore clients in Asia, Europe, the Middle East and Latin America.
A spokesperson for Citi told Citywire Americas that all Citi Private Bank heads and global product heads will now report to O’Donnell, adding that he will be making new leadership announcements in due course.
O’Donnell is a Citi veteran who joined the group back in 1999. He was appointed global head of investor sales and relationship management in 2008 and prior to that held senior roles within its equity team.
‘We are going to put the full force of the firm behind this effort to create a single, integrated platform that will serve clients from the affluent level all the way through to ultra-high net worth individuals and households,’ Corbat and Fraser wrote.
‘By putting these pieces of our firm together in this unique way, we will have all the components we need to win. Our world-class capital markets expertise, global footprint that distinguishes us from competitors, high quality research, great talent and an aspirational brand—all appeal to this broad client base.’
O’Donnell will be spending the next few months developing Citi Global Wealth’s strategy which is set to centered on creating a unified wealth management platform that will cater to the needs of all of its clients, from ultra-high net to mass affluent investors, the memo said.