Rebecca Ungarino’s Post

Scoop for Barron's: A prominent Citi executive is leaving as the bank reorganizes an elite arm of its wealth management business, the latest shift in a series of significant structural and leadership changes at Citi in recent years. Ida Liu, the head of Citi’s private bank, will exit this month. It’s a significant move — Liu is well-known on Wall Street and had been the face of the private bank for years. Andy Sieg, Citi’s global head of wealth, said in a memo to employees today that the bank would reorganize its private bank following Liu’s departure, with four regional heads reporting to Sieg rather than one sole head. Citi’s priorities for this year and next include expanding wealth, while growing into “a global leader in wealth management” is part of a stated firmwide vision that the company has communicated to investors.