This post was originally published on this site
(Reuters) -Citigroup Inc on Thursday it has hired Andy Sieg to lead its global wealth arm from Bank of America Corp (NYSE:BAC), where he led the Merrill Wealth management unit.
Sieg was hired because he has “a track record of driving growth, who has deep experience in the U.S.,” where Citi aims to grow, CEO Jane Fraser said in the hiring announcement. “Our team is on a mission to transform Citi – and he is highly driven and motivated to play a central role in our firm’s leadership.”
Two years ago, Citigroup (NYSE:C) unified its various wealth businesses into a single wealth management organization, which was led by Jim O’Donnell and included the Citi Private Bank and Citi Personal Wealth Management.
At its investor day last year, Fraser signaled the bank’s intention to become a global leader in wealth management.
But Citigroup, the most international among U.S, banks, faces tough competition in the United States from JPMorgan Chase & Co (NYSE:JPM) and Bank of America, while UBS Group AG (SIX:UBSG) , HSBC, Standard Chartered (OTC:SCBFF) are highly competitive in Asia.
Sieg’s departure led to the appointments of Lindsay (NYSE:LNN) Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.
Sieg joined Merrill Lynch in 1992 and had served as Merrill president since 2017.
Schimpf began his career as a Merrill financial adviser in 1994 and Hans joined in 2014.
