Citi Shakes Up Again After Private Bank Exec Departs
The bank is restructuring the unit that caters to some of its wealthiest clients, according to an internal memo.

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Over the past four years, Citigroup has been crafting a plot to reinvigorate its wealth management division. But so far, it’s had as many twists and turns as an M. Night Shyamalan film.
Global Head of Citi Private Bank Ida Liu announced an exit this week after 18 years at the company. Now, the bank is restructuring the unit that caters to some of its wealthiest clients, according to an internal memo from Citi Head of Wealth Andy Sieg, which was reviewed by The Daily Upside. “These changes are in line with Citi’s strategy to reduce complexity and strengthen our focus on clients,” Sieg wrote.
A Bit of Maneuvering
Ever since Jane Fraser took over as Citigroup CEO in 2021, her mission has been to strengthen the bank’s wealth arm, which has lagged behind competitors. As of 2023, the group reportedly received tens of thousands of complaints each month.
The good news is that Citi experienced healthy fourth-quarter earnings, bolstered by record revenue generation in its wealth division. Unfortunately, the bank has also seen dozens of senior executives exit and plenty of restructuring after Sieg, a former Merrill Lynch exec, arrived at the company in 2023. According to the memo, the latest shifts and people moves include:
- Replacing Liu’s position as global private bank head with four geographic executives, who will all report to Sieg. Cayman Wills is heading up operations in North America.
- Incorporating Citi’s Family Office Group into the bank’s Integrated Client Engagement arm.
- Bringing on former UBS executive Christian Zeinler as the firm’s head of strategy for the wealth unit and head of business execution for its private bank.
Where’d Everybody Go? Liu’s exit also marks a further dwindling of women in leadership positions at Citi. In the past two years, Titi Cole and Karen Peetz left the company. While Wills is a new woman in a top role, her position is temporary.
To be fair, women hold the majority of positions on Citi’s board of directors. However, Citi’s five core divisions are all helmed by men, and Fraser’s 18-member executive management team includes just two other women.