Citigroup Inc. said its head of wealth services is leaving as the lender conducts a global reorganization.
Eduardo Martinez Campos started his career in Citigroup’s markets business roughly three decades ago, according to a memo to staff from newly appointed wealth chief Andy Sieg. The division will hold a meeting Dec. 5 to discuss its overhaul, according to the memo. A spokesperson declined to comment on the content of the memo.
Citigroup brought Sieg back from Bank of America Corp. earlier this year to oversee wealth management, a key pillar of Chief Executive Jane Fraser’s plan to turn around the Wall Street giant. He previously worked there from 2005 to 2009 before the stint at Bank of America, where he most recently was president of Merrill Wealth Management.
“Since rejoining Citi in September, I have worked with our leadership team to determine the best composition for wealth that both ensures our business is aligned with Citi’s structure,” Sieg wrote in the memo. His division is also working on a proposal that would separate the deposits and lending arms, he added.
Citigroup has been looking to build up its wealth business, including in the Asia-Pacific region, where the number of potential customers and their fortunes have soared over the past decade. The firm added more than 15,000 wealth clients there in this year’s first half.
Fraser embarked on the companywide restructuring in September, when she scrapped the firm’s two longtime core operating units and eliminated the three regional chiefs who oversaw operations in about 160 countries around the world.
The bank also exited its retail wealth management portfolio in mainland China in October, selling that division to HSBC Holdings Plc.
The SEC says the payouts came from later investors, and the numbers never added up
The SEC says he doubted the tax liens were real - and kept selling them to clients
Erin Piacenti, a vice president at Bank of America, was killed in a random attack in Times Square on Monday.
Minneapolis-based mega-RIA adds a $376 million hybrid RIA from Raymond James as its own $7 billion sale process reportedly plays out in the background.
Atlanta-based RIA taps former LPL executive John Rajes to unify systems as the firm looks to build on its 61-acquisition growth record.
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
