1/13, 10:40 PM (Source: TeleTrader)
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Citgroup to merge private bank, consumer wealth management - report

Citigroup is merging its private bank with its consumer wealth operations in a move headlined by incoming CEO Jane Fraser, the Wall Street Journal reported on Wednesday, citing a company memo from Fraser.

The new unit which will be created from the two divisions will be called Citi Global Wealth and it will aim to acquire clients when they start accumulating wealth and keep them on as they get richer. Currently, the private bank serves customers who have more than $25 million in assets while the consumer wealth management business focused on anyone with up to $10 million in assets.

Fraser is the president of Citigroup and she is set to take over as CEO from Mike Corbat in February.

Breaking the News / VP