Citigroup Looks To Fill Management Roles At Its Private Bank Unit
July 23 2009 - 4:31PM
Dow Jones News
Citigroup Inc. (C) plans to hire bankers and fill management
roles within its Private Bank, continuing its move to a global
leadership structure, three months after naming a new chief
executive for the unit.
Citi recently formed a joint venture for its Smith Barney
brokerage with Morgan Stanley (MS), but retained its Private Bank
unit, which provides investing, banking, lending and advice to
wealthy clients. Private Bank is now part of Citi's
investment-banking business. Now Citi is looking to fill some
senior positions at the unit, according to documents reviewed by
Dow Jones Newswires.
The banking giant's search includes candidates to fill the
following positions: global chief investment officer; global head
of managed investments; global head of manager research and due
diligence; and U.S. head of investments.
The banking giant is also looking to add two to three dozen
private bankers across the U.S. and Canada.
In April, Citi named Jane Fraser as chief executive and Deepak
Sharma as chairman of Private Bank. Previously, John Longley was
head of Private Bank in the U.S. and Canada. He left Citi in
February to join Barclays PLC (BCS).
In its recent second-quarter results, revenue at Private Bank
fell 20% to $477 million, due, in part, to lower assets under
management.
A Citi spokesman declined to comment on the search, but said
Private Bank is "a key growth business of Citigroup, leveraging
Citi's global platform to deliver solutions for our clients."
-By Brett Philbin, Dow Jones Newswires; 212-416-2173;
brett.philbin@dowjones.com