(Bloomberg) — Citigroup Inc. stated its head of wealth companies is leaving because the lender conducts a worldwide reorganization.
Eduardo Martinez Campos began his profession in Citigroup’s markets enterprise roughly three many years in the past, based on a memo to employees from newly appointed wealth chief Andy Sieg. The division will maintain a gathering Dec. 5 to debate its overhaul, based on the memo. A spokesperson declined to touch upon the content material of the memo.
Citigroup introduced Sieg again from Financial institution of America Corp. earlier this 12 months to supervise wealth administration, a key pillar of Chief Govt Officer Jane Fraser’s plan to turnaround the Wall Road big. He beforehand labored there from 2005 to 2009 earlier than the stint at Financial institution of America, the place he most not too long ago was president of Merrill Wealth Administration.
“Since rejoining Citi in September, I’ve labored with our management staff to find out the most effective composition for wealth that each ensures our enterprise is aligned with Citi’s construction,” Sieg wrote within the memo. 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 purchasers there on this 12 months’s first half.
Fraser launched into the companywide restructuring in September, when she scrapped the agency’s two longtime core working models 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.
