Citigroup Inc's hiring of Andy Sieg, the incoming head of its wealth management unit, underscores the lender's ambitions in the business as well as the uphill climb it faces in gaining share in a competitive market.
The logo for Citibank is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kellyhiring of Andy Sieg, the incoming head of its wealth management unit, underscores the lender's ambitions in the business as well as the uphill climb it faces in gaining share in a competitive market.
Sieg will aim to compete with companies that have spent years beefing up in wealth. Citi is recruiting new client advisers at the unit, CFO Mark Mason said, adding to the current level of about 3,000. Wall Street firms cater to ultra-wealthy clients by providing services like brokerage, mortgages, estate and tax planning. Those activities generate more stable revenues than volatile Wall Street operations, such as investment banking and trading, which are strongly linked to economic activity.
That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. And CEO James Gorman has set an ambitious goal of reaching $10 trillion in client assets in several years.Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.
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