Citi is set to create a single wealth management organisation by bringing together all of its teams within the global consumer banking and institutional client group divisions.
Citi Global Wealth will become a single, global platform serving client across the wealth spectrum, ranging from affluent to ultra-high net worth individuals.
The platform will also include Citi Private Bank and Citi Personal Wealth Management.
The newly created arm will be led by Jim O’Donnell, current managing director, global head of investor sales and relationship management at the bank.
He has been at the firm since 1999.
“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,” said Michael Corbat, chief executive, and Jane Fraser, president and incoming chief executive at Citi.
O’Donnell added: “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.
“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.”