Citi has merged its wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG), establishing a single wealth management organisation – Citi Global Wealth.
Led by Jim O’Donnell, Citi Global Wealth is an integrated platform catering to clients across the wealth spectrum, from affluent to ultra-high net worth (UHNW) individuals.
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In keeping with the increasingly global nature of client wealth, O’Donnell commented: “We are committed to helping them preserve and build wealth for themselves, their families and for future generations.”
O’Donnell, who joined Citi in 1999, was previously responsible for the distribution of global market products to Citi’s equities, fixed income, currencies, and commodities clients, in his role as global head of investor sales.
Including both Private Bank and Personal Wealth Management, O’Donnell will report to Anand Selva and Paco Ybarra, CEO of GCB and the ICG, respectively.
Explaining the significance of the new unit, O’Donnell continued: “Creating a unified Wealth organisation 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.”
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By GlobalDataManging around $550 bn in total client business, Citi Private Bank claims to serve more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities.
Citi GCB provides institutional grade, bespoke wealth management service to clients to in Europe, the Middle East, Asia, the US and Mexico. The unit manages $200bn in investment assets under management globally.
In a statement from Citi CEO Michael Corbat and incoming CEO Jane Fraser, the two executives recognised the wealth management division as “a key differentiator and source of enhanced returns” for the firm’s future strategy.
According to Corbat and Fraser: “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.”
Through its selective business model Citi PB focuses on fewer, albeit wealthier, clients with an average net worth above $100m.
