Citi nets one more banking executive from U.S. Trust

Citi Private Bank said last week that it has hired yet another executive from U.S. Trust, the wealth management arm of Bank of America Corp.

Charles Merrill, a namesake but no relation to one of the founders of Merrill Lynch & Co. Inc., is set to join Citigroup Inc. in July as a managing director and New York regional executive. He will replace Leslie Bains, who will return to her former job as head of client development.

Mr. Merrill, 61, will report to Peter Charrington, chief executive of Citi Private Bank in North America.

U.S. Trust has been fertile recruiting ground for Citi recently as it has expanded its force aggressively.

In fact, just last week, Citi hired Daniel Williams from U.S. Trust as a managing director and private banker based in Manhattan. And in March, Citi recruited Todd Devin as a private banker for its Palm Beach, Fla., office.

Over the next few years, Citi Private Bank, which targets clients with at least $25 million in investible assets, plans to double its number of private bankers, The Wall Street Journal reported in March. A spokesman for Citi Private Bank, Mark Costiglio, confirmed that figure last week.

At U.S. Trust, Mr. Merrill was managing director and New York market executive. Before joining BofA in 2002, he spent 12 years with Merrill Lynch in New York, most recently in the firm’s private-client group for wealthy investors.

E-mail Hilary Johnson at [email protected].