Citi to combine wealth management units under single business


(Reuters) – Citigroup Inc said on Wednesday it has created a single wealth management business, Citi global wealth, to deliver products and services to clients from the affluent segment, as well as ultra-high net worth individuals.

The new unit, formed by combining wealth management teams in global consumer banking and the institutional clients group, will be led by Jim O’Donnell and will include the Citi private bank and Citi personal wealth management.

O’Donnell joined Citi in July 1999, and prior to his appointment to the new role, served as the global head of investor sales and relationship management.

Citi, which reshuffled the leadership for its U.S. consumer bank on Tuesday, will also get a new chief executive officer in February when Jane Fraser will take over from Michael Corbat.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shounak Dasgupta)