Former BofA exec Bodurtha lands in Citigroup private banking biz

The game of musical chairs at Citgroup and Bank of America goes on. Citi announced today that its private banking operation has hired Steve Bodurtha as head of investments for North America. Mr. Bodurtha will oversee the investments platform for Citi Private Bank across the U.S. and Canada.
Mr. Bodurtha only recently left Bank of America Merrill Lynch . Sallie Krawcheck, the newly hired head of BofA’s global wealth and investment management unit – and former Citi CFO – sent out an internal memo in late September outlining her new management team in the global wealth and investment management group. In that memo, Ms. Krawcheck noted that Citibank executive Andrew Sieg has been hired to head BofA’s retirement and philanthropic-services unit – essentially replacing Mr. Bodurtha.
According to the note from Ms. Krawcheck, Mr. Bodurtha planned on retiring.
Now, it appears that the longtime Merrill Lynch banker is headed to Citi. “We are delighted to have someone of Steve’s capability and expertise joining us as we expand our investments offering and build the most sophisticated platform for high net-worth clients,” said Peter Charrington, CEO of Citi Private Bank in North America. “His experience and leadership will be critical as we enhance existing capabilities and build the top investment talent in the industry.”
Mr. Bodurtha was for years head of investment products for Merrill Lynch’s wealth management group. Most recently, he was head of institutional retirement, philanthropy & investments for Bank of America Merrill Lynch.
At Citi, he will report to Mr. Charrington and Shantanu Rastogi, global head of investments.

Related Topics: Bank Of America Corp., Merrill Lynch