Citi Unifies Global Wealth Management Business

Rhea-AI Summary

Citi has formed a unified wealth management entity named Citi Global Wealth, integrating teams from Global Consumer Banking and the Institutional Clients Group. This new structure aims to serve clients at all wealth levels, from affluent individuals to ultra-high-net-worth clients. Jim O’Donnell will lead this organization, reporting to top executives Anand Selva and Paco Ybarra. The initiative follows a strategy by Citi’s executives to enhance wealth management as a core differentiator for increased returns, leveraging Citi's extensive offerings for clients worldwide.

Positive

• Creation of Citi Global Wealth gives clients a unified platform for wealth management.
• Citi Private Bank serves over 13,000 ultra-high-net-worth clients, indicating strong market positioning.
• Approximately $200 billion in investment assets under management through Global Consumer Banking strengthens financial capacity.

Negative

• None.

Citi announced today that it has created a single wealth management organization, Citi Global Wealth, unifying wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG). Citi Global Wealth is a single, integrated platform serving clients across the wealth continuum, from the affluent segment to ultra-high net worth clients.

This new organization will be led by Jim O’Donnell and will include the Citi Private Bank and Citi Personal Wealth Management. Jim will report to Anand Selva, CEO of Global Consumer Banking, and Paco Ybarra, CEO of the Institutional Clients Group.

In an internal memo announcing the formation of the new business, Citi CEO Michael Corbat and Citi President and incoming CEO Jane Fraser said, “Making wealth management a key differentiator and source of enhanced returns for Citi will be a key element of our strategy going forward, and 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.”

Prior to his appointment to this new role, Mr. O’Donnell was Global Head of Investor Sales and Relationship Management, responsible for the distribution of global Markets products to Citi's Equities, Fixed Income, Currencies and Commodities clients. He joined Citi in July 1999.

“Our clients are increasingly global in their presence and in their financial needs, and we are committed to helping them preserve and build wealth for themselves, their families and for future generations,” said Jim O’Donnell, Head of Citi Global Wealth. “Creating a unified Wealth organization 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.

Citi's Private Bank is dedicated to helping the world’s wealthiest individuals, families and law firms protect and responsibly grow their wealth. With around $550 billion in total client business, Citi Private Bank serves more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities in over 100 countries. Its unique business model enables us to focus on fewer, larger and more sophisticated clients who have an average net worth above $100 million. Clients enjoy a highly customized experience, with access to a comprehensive range of products and services spanning investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, and more with personalized advice, competitive pricing and efficient execution.

Through its Citigold, Citigold Private Client and Citi Priority offerings, Citi’s Global Consumer Bank provides institutional grade, personalized wealth management services to clients, which includes dedicated Wealth teams, fund access and a range of exclusive privileges, preferred pricing and benefits to clients around the globe. The unit has approximately $200 billion in investment assets under management globally and serves clients in the U.S., Europe, the Middle East, Asia and Mexico.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20210113005909/en/

FAQ

What is Citi Global Wealth?

Citi Global Wealth is a newly formed wealth management organization by Citi, unifying Global Consumer Banking and Institutional Clients Group teams.

Who leads Citi Global Wealth?

Jim O’Donnell is the head of Citi Global Wealth, reporting to Anand Selva and Paco Ybarra.

How many ultra-high-net-worth clients does Citi Private Bank serve?

Citi Private Bank serves over 13,000 ultra-high-net-worth clients, including 25% of the world's billionaires.

What is the investment asset size managed by Citi's Global Consumer Bank?

Citi's Global Consumer Bank manages approximately $200 billion in investment assets globally.

What is Citi's strategy for wealth management?

Citi's strategy focuses on making wealth management a key differentiator and source of enhanced returns.