Reported about 1 year ago
Citigroup's new head of wealth, Andy Sieg, has restructured his leadership team and reiterated financial goals. Sieg aims to increase the wealth division's returns to over 20% in the medium term, compared to 4.6% in the first quarter, while reducing expenses. The bank seeks to attract more client investment assets and improve operational performance. Leadership changes include appointing Kris Bitterly to head Wealth at Work and hiring Keith Glenfield to lead investment solutions. The division faces challenges in competing with industry giants like UBS and HSBC. Failure in the turnaround may prompt the bank to consider strategic alternatives.
Source: YAHOO