His division can also be engaged on a proposal that will separate the deposits and lending arms, he added.
Citigroup has been trying to construct up its wealth enterprise, together with within the Asia-Pacific area, the place the variety of potential clients and their fortunes have soared over the previous decade. The agency added greater than 15,000 wealth shoppers there on this yr’s first half.
Fraser launched into the companywide restructuring in September, when she scrapped the agency’s two longtime core working items and eradicated the three regional chiefs who oversaw operations in about 160 international locations all over the world.
The financial institution additionally exited its retail wealth administration portfolio in mainland China in October, promoting that division to HSBC Holdings Plc.
(Credit score: AP)
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