Citigroup Inc. paid new wealth management chief Andy Sieg $11.3 million for his inaugural quarter at the Wall Street bank.
Sieg, 56, arranged the so-called golden handshake before joining in late September from Bank of America Corp., with Citigroup guaranteeing him $11 million in cash and equity incentives on top of his salary, according to a filing Tuesday.
The award, amounting to the highest pro rata compensation for the bank’s top brass last year, underscores Citigroup’s desire to overhaul its struggling wealth division as it seeks to lift investor returns. The franchise has struggled to compete with US rivals including Morgan Stanley and JPMorgan Chase & Co.
The year’s final months showed the work Sieg has ahead of him: Net interest income in that business line fell 10% to just over $1 billion in the fourth quarter from a year earlier. Since arriving, he has brought in former Bank of America colleague Don Plaus to run Citigroup’s private bank in North America.
The board increased chief executive Jane Fraser’s compensation package 6 percent to $26 million and slightly cut pay for CFO Mark Mason, to $13.3 million.
Markets chief Andy Morton got $18.5 million. Paco Ybarra, who became a senior adviser after stepping down as head of the now-disbanded institutional clients group, got $20 million, less than the prior year.
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history,” said one FBI official.
With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
