Citigroup’s chief investment officer for its wealth division, David Bailin, is leaving the bank after 15 years.
Bailin, a frequent commentator in the financial media who led Citigroup’s advice to its wealthiest clients, will leave the bank May 15, he said in a LinkedIn post. He added that he’s looking forward “to publishing independent market commentary and insights.”
Steven Wieting, chief investment strategist and chief economist for Citigroup’s wealth division, will replace Bailin on an interim basis, according to a spokesperson for the New York-based bank.
Bailin’s departure comes as Citigroup is pushing to improve returns in its wealth division, which is facing stiff competition from the likes of JPMorgan Chase & Co. and Morgan Stanley and has seen lackluster results in recent quarters. Last quarter, wealth revenue fell by 4% from a year earlier.
Last year, CEO Jane Fraser hired Andy Sieg to push for an overhaul of the division. Most recently, Sieg brought on board a former Bank of America Corp. colleague, Don Plaus, to run Citigroup’s private bank in North America.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
FINRA has been focused on firms and their use of social media for several years.
RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.
The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.
Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
