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Citigroup to launch search for new wealth-management chief
Investors enter 2023 with a ‘more cautious outlook’: Lisa Erickson
U.S. Bank wealth management senior vice president Lisa Erickson says a number of macro indicators show slowing trends into the new year.
Citigroup Inc. is shuffling the leadership of its wealth-management business, whose growth has fallen short of targets during a market downturn that has sapped demand for its services.
Jim O’Donnell, global wealth-management chief, will become a vice chairman of the bank and head of senior client engagement, according to people familiar with the matter, where the longtime markets executive will collaborate with major clients and chief executives. The bank will launch a search for a new wealth-management head, the people said.
CEO Jane Fraser restructured the wealth business two years ago, combining into a new unit its high-end private bank for the ultrarich and its Citigold adviser service for the less affluent. The changes were part of Ms. Fraser’s broader overhaul of the bank, which has lagged behind rivals JPMorgan Chase & Co. and Bank of America Corp. for years.
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JPMORGAN CHASE & CO.
BANK OF AMERICA CORP.
The wealth business has fallen behind its revenue targets, according to people familiar with the matter, and is slowing some investments and cutting costs. Mr. O’Donnell and Anand Selva, who runs Citigroup’s consumer bank, sometimes clashed in the attempt to combine businesses, they added.
Ms. Fraser had decided it was time for new leadership in wealth after Mr. O’Donnell completed much of the work setting up and integrating the units, the people said. He will become the only executive vice chairman across the whole bank.
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