![]() In Asia, the mantle of head was given to the former retail head, Fabio Fontainha, and private bank head, Steven Lo. ![]() In January, Citi announced the formation of Citi Global Wealth (CGW), combining its Private Bank and Consumer wealth business under one banner, under the leadership of its former global head of investor sales and relationship management, Jim O’Donnell. Peter Charrington, who led Citi Private Bank for six years, left the company late last year.Fontainha expounds on Citi's wealth goals, which include adding $150b AUM across the APAC franchise in four years’ time. ![]() “Making wealth management a key differentiator and source of enhanced returns for Citi will be an important element of our strategy going forward.” “Jim will spend the next few months in his new role developing the strategy and organization design for this new business,” Corbat and Fraser wrote. O’Donnell will report to both Anand Selva, the CEO of global consumer banking at Citi, and Paco Ybarra, who leads the bank’s institutional clients group. He most recently served as global head of investor sales and relationship management, where he was responsible for the distribution of products to the firm’s equities, fixed income, currencies and commodities clients. O’Donnell has been with New York-based Citi since 1999. Toward the other end of the spectrum, the Citigold offering in the bank’s consumer bank is open to customers with combined average monthly balances of $200,000 or more in deposit, retirement and investment accounts. Citi Private Bank focuses on customers who have an average net worth of above $100 million.
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