There have been a number of changes across the private banking and wealth side of the US bank. The global head of the private bank is leaving after a lengthy career at Citigroup.

The global head of Citi Private Bank, Ida Liu, is leaving the firm after almost 20 years at the US organization. The lender has also made a number of other changes in its private bank and wealth business.

“Great careers are defined by embracing new challenges and opportunities, and this is the right time for me to leverage my global expertise, leadership experience and passion for growth in bold and exciting new ways,” Liu said in a message on her Linkedin page. Her move was also confirmed in a memo from Andy Sieg, head of wealth.

Liu said she made the decision to embark on "the next chapter of my professional journey.”

Holding her last position since April 2021, prior to which she was head of Citigroup’s private bank in North America, Liu spoke to this news service about the US organization’s strategy. Her tenure coincided with moves by the parent group to shed retail banking businesses in a number of countries, and she has also seen the competitive landscape change amid the UBS takeover of Credit Suisse in 2023, for example. 

In its full-year and fourth-quarter results, Citigroup said private bank revenues in Q4 2024 rose 9 per cent on a year ago. 

“I am incredibly proud of the strong results we have delivered for Citi over the years. It has been an honor to work alongside our talented teams and extraordinary clients. Together, we have reached remarkable milestones – transforming the business, driving sustained growth and delivering innovative solutions that have positioned Citi Private Bank as a global leader,” Liu said. 

Other changes
The bank said it is making other changes following Liu’s departure to simplify its structure and “elevate key private bank geographies to our wealth senior leadership team, effective immediately,” according to the aforementioned memo.

Four Citi Private Bank geographies will now report directly to Sieg: 1) Japan, Asia North, Australia, and Asia South, 2) Latin America, 3) North America and 4) the UK, Europe and the Middle East. These will be led, respectively, by Steven Lo, Antonio Gonzales, Cayman Wills (interim) and James Holder. The investment counselors will sit in their respective geographies.

Christian Zeinler, who is joining as head of strategy for Citi Wealth and head of business execution for Citi Private Bank, will report to Sieg. Zeinler has 23 years of experience in corporate strategy and private bank leadership, most recently as head of strategy and business development at UBS. 

The Family Office Group will become part of the Integrated Client Engagement group, led by Dawn Nordberg. Hannes Hofmann, who heads the Global Family Office Group, will now report to Nordberg.

Johnathan Peterson, strategy partner, will move into a new role as head of financial planning on the Investment Solutions Team, reporting to Keith Glenfield. 

The memo said that as the bank completes its sale of Citi Trust to JTC, the trust business led by Rob Laughlin, will report to Valentin Valderrabano and the chief operating officer operation.

The bank’ wealth business also welcomed Anne McCosker as its new head of lending.