© 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.