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Citi unifies global wealth management business

Citi has overhauled its wealth management business, bringing together its global consumer banking and institutional client operations.

Citi Global Wealth will unify wealth management teams in global consumer banking and the institutional clients group, and will be led by Jim O'Donnell.

The institutional clients group looks after more than 1000 clients across Australia and New Zealand, including across custody, trading and banking.

The new business will also incorporate Citi Private Bank and Citi Personal Wealth Management.

O'Donnell will report to Anand Selva, chief executive of global consumer banking and Paco Ybarra, chief executive of the institutional clients group.

Prior to this appointment, O'Donnell was global head of investor sales and relationship management.

"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," he said.

"Creating a unified Wealth organisation 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.

Citi chief executive Michael Corbat and Citi president and incoming chief executive Jane Fraser released a joint statement, saying: "Making wealth management a key differentiator and source of enhanced returns for Citi will be a key 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."

Read more: Citi Global WealthJim O'DonnellCiti Private BankAnand SelvaCiti Personal Wealth ManagementJane FraserMichael CorbatPaco Ybarra
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