Citi merges wealth management units to create Citi Global Wealth

Citi, a US-based financial services company, has merged the wealth management teams of its global consumer banking (GCB) and the institutional clients group (ICG) divisions to form a single, integrated platform called Citi Global Wealth.

Citi Global Wealth is a wealth management organization that will serve clients across the wealth continuum, ranging from the affluent segment to ultra-high net worth clients.

Jim O’Donnell will be leading this new organization, which will include the Citi Private Bank and Citi Personal Wealth Management. He will report to both Anand Selva, the CEO of global consumer banking unit, and Paco Ybarra, the CEO of the institutional clients group unit.

Citi CEO Michael Corbat and Citi President and incoming CEO Jane Fraser said: “Making wealth management a key differentiator and source of enhanced returns for Citi will be an important element of our strategy going forward and putting the full force of our firm behind an offering in this way is indicative of the approach we’re taking to transforming our bank.”

Citi merges wealth management units to create Citi Global Wealth. Photo courtesy of Beyond My Ken/Wikipedia.org.

Jim O’Donnell joined Citi in 1999. His recent job was as the Global Head of Investor Sales and Relationship Management, where he handled the distribution of global Markets products to Citi’s equities, fixed income, currencies, and commodities clients.

Jim O’Donnell said: “Our clients are increasingly global in their presence and in their financial needs, and we are committed to helping them preserve and build wealth for themselves, their families and for future generations.

“Creating a unified Wealth organization will help us to deliver the full, global power of Citi to clients while ensuring that we preserve the products, capabilities and expertise of the Private Bank and Consumer Wealth businesses.”