Key facts
- Bankers must introduce at least one client to the wealth unit by end of 2026.
- Citi aims to grow its North America private bank business.
- Citi Private Bank clients have an average net worth of $400 million.
- Citi's wealth client assets amount to more than $1 trillion.
- The firm plans to add about 100 private bankers and 400 client advisors.
Citigroup is instructing its bankers to introduce at least one client to its wealth management division by the end of 2026 as part of an effort to increase collaboration and drive higher returns. The firm aims to grow its North America private bank business, with a target of capturing up to $5 trillion in client investment assets.
Citi Private Bank clients have an average net worth of $400 million, and the bank is looking to attract more of the $3 trillion in North America assets not currently held with them. The bank is expanding its private banking team, planning to hire approximately 500 advisors, private bankers, and personal bankers. This includes adding about 100 private bankers and 400 client advisors.
Under the leadership of Andy Sieg, head of the wealth unit, Citi has seen its return on total capital increase and is renovating retail branches to enhance advisory interactions. The firm has also introduced new technology like the Citi Sky application and reworked client referral incentives.