Citi nets another U.S. Trust private banking exec

Citi Private Bank announced today that it's hired yet another executive from U.S. Trust, the wealth management arm of Bank of America Corp.
JUN 10, 2010
Citi Private Bank announced today that it’s 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’ll replace Leslie Bains, who will return to her old 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 expands its force aggressively. In fact, just this 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 who have $25 million in investible assets and above, 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 today. At U.S. Trust, Mr. Merrill was managing director and New York market executive. Before joining Bank of America in 2002, he spent 12 years with Merrill Lynch in New York, most recently in the high-net-worth-focused Private Client Group.

Latest News

Robinhood brings AI-powered Cortex to RIAs on TradePMR
Robinhood brings AI-powered Cortex to RIAs on TradePMR

Robinhood is adding Cortex for Advisors across TradePMR, bringing AI-powered portfolio analysis and tax insights to advisors, while executives say regulatory constraints still prevent AI from directly managing client assets.

The real challenge in retirement isn’t saving — it’s spending
The real challenge in retirement isn’t saving — it’s spending

As Americans transition from saving for retirement to spending in retirement, new research suggests sustainable income matters more than account balances.

Wellington Management strikes acquisition deal with Hartford Funds in $1.9B wealth push
Wellington Management strikes acquisition deal with Hartford Funds in $1.9B wealth push

The agreement marks the end of a four-decade sub-advisory partnership while giving Wellington a scaled distribution platform for financial advisors.

How Dispatch's new software soothes the pain of advisor transitions
How Dispatch's new software soothes the pain of advisor transitions

CEO Rob Nance says the industry's first purpose-built transitions platform can compress months-long moves into days, effectively removing a key barrier to independence.

LPL takes big swing at mainstream with PGA marketing deal
LPL takes big swing at mainstream with PGA marketing deal

LPL recently has softened its antipathy to mainstream marketing.

SPONSORED Estate planning isn't a service add-on. It's your retention strategy.

As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.

SPONSORED Why strategy matters more than performance

In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.