Dive Overview:
Don Plass, North American head of Citi’s private bank, is leaving the organization after four months, a report said Sunday. Barons and Advisor HubThe report cited anonymous sources.
AdviserHub reports that Prause’s departure is for personal, not professional, reasons.
Ida Liu, Citi’s global head of private banking, will oversee the North American division on an interim basis.
Dive Insights:
Prause’s departure may call into question whether Citi can grow its asset management business as expected.
During the company’s second-quarter earnings call last month, CEO Jane Fraser said assets were “starting to improve,” according to Barron’s.
In fact, the profits of the asset division 2% increase The bank said non-interest income, which takes into account growth in new client investment assets and higher fees due to market valuations, rose 13% from a year ago.
Expanding financial services to wealthy clients is crucial to improving the mix of business Citi generates as part of a multi-year restructuring that Fraser ushered in last September.
isDoubling its assets would help Citi make up for its retreat from consumer banking in international markets such as India, China, Russia and Mexico, but the bank faces a lot of competition for assets.
Prause joined the City He left Merrill Lynch in April after 30 years as head of private wealth management. When Citi announced his appointment in March, the bank said Prause Merrill’s “biggest client relationship.”
And with this move he With former colleagues Andy SeigHe will leave Merrill Lynch in March 2023 to become Head of Global Wealth Management at Citi.
Sieg said in June that the bank Talent poaching wasn’t over yet Sieg recruited Keith Glenfield from Merrill Lynch to head Citi. He will take up the role of head of investment solutions next month.
Citi on Tuesday announced new hires for its wealthy client base. Yeo Wensheng will become the bank’s regional head of wealth management for Asia South. Subject to regulatory approval, Wensheng will also become CEO of Citibank Singapore Limited, according to a company memo provided to Banking Dive. Wensheng will join the bank on Nov. 1 and report to Sieg.
Wensheng comes from Singapore-based DBS Bank where he worked in various roles for 13 years. Brendan Carney has been running the division on an interim basis, and will continue in that role until November.
A Citi spokesman declined to comment on Monday about Prause’s departure.
