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.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
