NEW YORK–(Small business WIRE)–Citi introduced today that it has created a one wealth management corporation, Citi Global Prosperity, unifying wealth administration groups in World wide Buyer Banking (GCB) and the Institutional Shoppers Group (ICG). Citi World wide Wealth is a solitary, built-in system serving consumers throughout the prosperity continuum, from the affluent segment to ultra-significant web really worth shoppers.
This new organization will be led by Jim O’Donnell and will include the Citi Private Financial institution and Citi Personal Prosperity Administration. Jim will report to Anand Selva, CEO of World wide Shopper Banking, and Paco Ybarra, CEO of the Institutional Clientele Team.
In an inside memo saying the formation of the new business enterprise, Citi CEO Michael Corbat and Citi President and incoming CEO Jane Fraser mentioned, “Making prosperity management a essential differentiator and source of enhanced returns for Citi will be a vital component of our tactic heading ahead, and putting the full drive of our business at the rear of an providing in this way is indicative of the approach we’re having to reworking our lender.”
Prior to his appointment to this new part, Mr. O’Donnell was World wide Head of Investor Product sales and Relationship Administration, liable for the distribution of world-wide Marketplaces products to Citi’s Equities, Preset Income, Currencies and Commodities consumers. He joined Citi in July 1999.
“Our consumers are increasingly global in their presence and in their money requirements, and we are fully commited to assisting them preserve and build prosperity for them selves, their families and for upcoming generations,” explained Jim O’Donnell, Head of Citi World Prosperity. “Creating a unified Wealth business will aid us to supply the comprehensive, world wide electricity of Citi to purchasers when making certain that we maintain the products, abilities and skills of the Non-public Bank and Shopper Wealth organizations.
Citi’s Private Bank is focused to aiding the world’s wealthiest folks, families and law firms guard and responsibly mature their wealth. With all around $550 billion in total consumer business enterprise, Citi Personal Lender serves far more than 13,000 UHNW clients, together with 25% of the world’s billionaires and much more than 1,400 family members offices across 50 metropolitan areas in about 100 countries. Its exceptional organization product enables us to concentration on much less, larger sized and much more refined clients who have an regular web worth earlier mentioned $100 million. Purchasers appreciate a highly customized encounter, with obtain to a extensive assortment of goods and companies spanning investments, banking, lending, custody, prosperity preparing, real estate, art, aircraft finance and lending, and additional with customized advice, competitive pricing and productive execution.
By means of its Citigold, Citigold Private Customer and Citi Priority choices, Citi’s International Buyer Lender gives institutional quality, personalized wealth administration expert services to shoppers, which contains committed Wealth groups, fund obtain and a selection of unique privileges, most popular pricing and gains to shoppers close to the world. The unit has around $200 billion in expenditure belongings below management globally and serves shoppers in the U.S., Europe, the Center East, Asia and Mexico.
Citi, the top worldwide financial institution, has somewhere around 200 million client accounts and does small business in extra than 160 international locations and jurisdictions. Citi supplies customers, organizations, governments and establishments with a wide selection of fiscal goods and solutions, which include buyer banking and credit history, corporate and financial commitment banking, securities brokerage, transaction expert services, and wealth management.
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