NEW YORK: Citigroup Inc is combining its consumer wealth-management and private-banking units, putting a single executive atop operations handling money for clients with US$200,000 to tens of millions, or much more.
The new business will be called Citi Global Wealth and led by Jim O’Donnell, according to a memo to staff from chief executive officer Michael Corbat (pic below) and president Jane Fraser. O’Donnell will report jointly to Anand Selva and Paco Ybarra, who lead the firm’s global consumer bank and institutional clients group, respectively.