Business Informer
Sunday, May 28, 2023
No Result
View All Result
  • Home
  • Business
  • Stocks
  • Economy
  • Markets
  • Startups
  • Invest
  • Crypto
  • Forex
  • PF
  • Real Estate
  • Fintech
  • Analysis
  • Videos
  • Home
  • Business
  • Stocks
  • Economy
  • Markets
  • Startups
  • Invest
  • Crypto
  • Forex
  • PF
  • Real Estate
  • Fintech
  • Analysis
  • Videos
Business Informer
No Result
View All Result

Citigroup hires BofA Merrill’s head Andy Sieg to lead wealth unit By Reuters

March 31, 2023
in Stock Market
Reading Time: 2 mins read
0 0
A A
0
Home Stock Market
Share on FacebookShare on Twitter



© Reuters. FILE PHOTO: A Financial institution of America brand is pictured within the Manhattan borough of New York Metropolis, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photograph

By Lananh Nguyen and Jaiveer Shekhawat

(Reuters) -Citigroup Inc employed Andy Sieg to steer its international wealth arm, the lender stated on Thursday, from Financial institution of America Corp (NYSE:), the place he led the Merrill Wealth Administration unit.

Sieg has “a monitor document of driving development” and “deep expertise within the U.S.,” the place Citi goals to develop, CEO Jane Fraser stated within the hiring announcement. “Our crew is on a mission to remodel Citi — and he’s extremely pushed and motivated to play a central function in our agency’s management.”

The wealth enterprise is a core a part of Citi’s technique and can assist to diversify its enterprise by bringing in additional income from shopper charges.

Two years in the past, Citigroup (NYSE:) unified its numerous wealth companies right into a single group led by Jim O’Donnell that included its personal financial institution and private wealth administration divisions. For six months whereas Sieg is on required depart, O’Donnell will stay within the function earlier than turning into govt vice chairman.

Fraser signaled the financial institution’s intention to change into a world chief in wealth administration at its investor day final 12 months.

Whereas Citigroup has a wider worldwide attain than many U.S. rivals, it faces powerful competitors from JPMorgan Chase & Co (NYSE:) and Financial institution of America, whereas UBS Group AG (SIX:), HSBC, Customary Chartered (OTC:) are extremely aggressive in Asia.

Sieg was a member of Financial institution of America’s administration committee, operating an $18 billion enterprise with $2.8 trillion in shopper balances. He led the 25,000-person “thundering herd” of economic advisers named for Merrill’s well-known bull brand.

Sieg joined Merrill Lynch in 1992 and had served as its president since 2017, with a four-year break by which he labored in Citi’s wealth group from 2005 to 2009.

“It is a implausible alternative to construct a number one wealth administration enterprise on the world’s most international financial institution at a time of large wealth creation,” he stated in a press release.

Sieg’s departure prompted the appointments of Lindsay (NYSE:) Hans and Eric Schimpf as co-leads of Merrill Wealth Administration, Financial institution of America stated in a separate assertion.

Hans joined Financial institution of America in 2014. She leads the worldwide and institutional teams accountable for Merrill’s largest shopper relationships.

Schimpf started his profession as a Merrill monetary adviser in 1994 and most not too long ago served as an govt for the Pacific coast and co-head of its adviser improvement programme. A graduate of the U.S. Army Academy at West Level, Schimpf certified as airborne ranger and was commissioned as an infantry officer within the U.S. Military earlier than starting his profession in banking.



Source link

Tags: AndyBofACitigroupHiresLeadMerrillsReutersSiegunitwealth
Previous Post

Specialist wealth manager Sarto Advisory launches online investing solution

Next Post

Asian shares ride high in Q1 but steel for U.S. inflation data By Reuters

Related Posts

3M Company: Has Potential But The Management Needs To Do Better (NYSE:MMM)
Stock Market

3M Company: Has Potential But The Management Needs To Do Better (NYSE:MMM)

by Business Informer
May 28, 2023
U.S. ‘won’t tolerate’ China’s ban on Micron chips, Raimondo says By Reuters
Stock Market

U.S. ‘won’t tolerate’ China’s ban on Micron chips, Raimondo says By Reuters

by Business Informer
May 28, 2023
ZoomInfo: Green Shoots & Generative AI – Potentially Powerful Combination (ZI)
Stock Market

ZoomInfo: Green Shoots & Generative AI – Potentially Powerful Combination (ZI)

by Business Informer
May 27, 2023
Los Angeles unions back Hollywood writers By Reuters
Stock Market

Los Angeles unions back Hollywood writers By Reuters

by Business Informer
May 27, 2023
F, MRVL, PARA, GPS and more
Stock Market

F, MRVL, PARA, GPS and more

by Business Informer
May 26, 2023
Next Post
Asian shares ride high in Q1 but steel for U.S. inflation data By Reuters

Asian shares ride high in Q1 but steel for U.S. inflation data By Reuters

Chinese top hotpot chain’s overseas unit sees profit this year By Reuters

Chinese top hotpot chain's overseas unit sees profit this year By Reuters

ForexLive Asia-Pacific FX news wrap: Chinese yuan drives higher

ForexLive Asia-Pacific FX news wrap: Chinese yuan drives higher

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE TO OUR NEWSLETTER

* indicates required

Business Informer

Follow the latest news on Business Informer. Stay updated on business, markets, economy & financial breaking news on a daily basis.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Fintech
  • Forex
  • Investing
  • Market Analysis
  • Markets
  • Personal Finance
  • Real Estate
  • Startups
  • Stock Market
  • Videos

LATEST UPDATES

  • ‘Number of seats, MPs will increase’: PM Modi on why new Parliament building was need of the hour
  • Breaking News Live: New Parliament building inaugurated | Equity markets | IPL Final 2023 CSK vs GT
  • 3M Company: Has Potential But The Management Needs To Do Better (NYSE:MMM)
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Business Informer.
Business Informer Business Informer

No Result
View All Result
  • Home
  • Business
  • Stocks
  • Economy
  • Markets
  • Startups
  • Invest
  • Crypto
  • Forex
  • PF
  • Real Estate
  • Fintech
  • Analysis
  • Videos

Copyright © 2023 Business Informer.
Business Informer Business Informer

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In