Key facts
- Citigroup's Private Bank hired Teresa Radzinski from Bank of America.
- Radzinski will focus on clients with over $500 million in net worth.
- She previously advised families, private foundations, universities, and faith-based organizations at Bank of America.
- The hiring aims to strengthen relationships with ultra-high-net-worth clients.
- Bank of America Private Bank recently recruited a team managing $7 billion from Citi Private Bank.
Citigroup's Private Bank has hired Teresa Radzinski from Bank of America to enhance its services for ultra-high-net-worth clients. Radzinski, who will be based in Jacksonville, Florida, will focus on clients with a net worth exceeding $500 million, according to an internal memo signed by Chris Biotti, Citi's Private Bank head for North America.
Radzinski previously served as a managing director at Bank of America's private bank, advising a range of clients including families, private foundations, universities, and faith-based organizations.
This move occurs amid a broader trend of wealth management firms actively recruiting talent from competitors. In a separate development, Bank of America Private Bank recently hired Phillip Edwards and Lauren Stuhmer, who previously managed $7 billion at Citi Private Bank, to its Palm Beach, Florida office. Morgan Stanley also recruited a three-member team managing $1.4 billion from Merrill.