Citi has appointed Hannes Hofmann as the global head of the Family Office Group, based in London.

Hofmann will start in September and will report to Ida Liu, global head at Citi Private Bank. In addition, he joins the Private Bank Global Leadership Team.

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He joins from JPMorgan where he spent 20 years. Most recently, he was head of multifamily office and intermediaries for the APAC, EMEA, and Latin America regions. Previously, he was the head of the global investment opportunities group in Asia, where he led teams in Singapore and Hong Kong.

Hofmann follows James Holder, who has moved into the new role of cluster head for Europe.

Liu said: “I am optimistic about the continued growth of our Family Office Group under Hannes’ leadership. Upon joining in September, Hannes will spend time in New York and will meet with partners across the globe. Please join me in welcoming Hannes to Citi and we wish him much success ahead!”

In May 2022, Citi promoted Valentin Valderrabano, the consumer business manager for Citibank Korea, as the new chief operating officer (COO) for Citi Global Wealth.

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This appointed is effective in July, reported Reuters, which had reviewed an internal memo.

Valderrabano will report to the bank’s global wealth head Jim O’Donnell.

He has almost two decades of experience at the bank.

Valderrabano will replace the present Citi COO Eduardo Martinez Campos.

In addition, Citigroup is accelerating its plan to recruit additional 700 private bankers across Europe following the opening of its two new offices in Paris and Frankfurt, reported Bloomberg News.

The New York-headquartered lender is currently shifting its Luxembourg-based staff to the new locations with plans to hire new employees in the coming months.

The new offices are located at the bank’s existing locations in both cities.