People Moves

Citigroup Makes Raft Of Top-Level Private Bank, Wealth Changes

Tom Burroughes, Group Editor, 15 April 2021

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The appointments are among changes that the firm is making as it forms a new organization, Citi Global Wealth, pulling together insights and assets across the private bank, consumer bank and its institutional clients group.      

Ida Liu, head of Citigroup’s private bank in North America, has been named global head of private banking, while a number of other top-level changes were announced by the US lender in an internal memo seen by this news service.

The appointments at Citigroup are among changes that the firm is making as it forms a new organization, Citi Global Wealth, pulling together insights and assets across the private bank, consumer bank and its institutional clients group. 

The memo, from Jim O'Donnell, head of Citi Global Wealth, said that “by building on our combined strengths, we will transform the way we serve clients across the wealth spectrum, deliver the full range of high tech and high touch capabilities Citi can offer, and ultimately help them achieve their goals”.

Liu’s new role as global private banking head includes the private capital group, global trust and private bank global marketing areas. Regional private banking heads will report to Liu and their regional management.

David Bailin, chief investment officer and global head of investments, will expand his responsibilities to form Citi Global Wealth Investments (CGWI), bringing together the investment teams from the private bank and the consumer bank globally.

Giuliano Malacarne, head of investment finance for the private bank, will expand his responsibilities and coordinate the delivery of banking and lending products to all wealth clients. His team will focus on investment financing services, including art advisory, aircraft leasing, commercial real estate and margin lending. 

Naz Vahid, head of the bank’s law firm group, which provides customized financial strategies and tailored advice to law firms, their partners and employees, will lead a strategic expansion of the team globally across new industry sectors and professional organizations.

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