Citigroup lifer leaves head of wealth services role amid reorganization

investmentnews.com:

Citigroup Inc. said its head of wealth services is leaving as the lender conducts a global reorganization.

Eduardo Martinez Campos started his career in Citigroup’s markets business roughly three decades ago, according to a memo to staff from newly appointed wealth chief Andy Sieg. The division will hold a meeting Dec. 5 to discuss its overhaul, according to the memo. A spokesperson declined to comment on the content of the memo.

Citigroup brought Sieg back from Bank of America Corp. earlier this year to oversee wealth management, a key pillar of Chief Executive Jane Fraser’s plan to turn around the Wall Street giant. He previously worked there from 2005 to 2009 before the stint at Bank of America, where he most recently was president of Merrill Wealth Management.

“Since rejoining Citi in September, I have worked with our leadership team to determine the best composition for wealth that both ensures our business is aligned with Citi’s structure,” Sieg wrote in the memo. His division is also working on a proposal that would separate the deposits and lending arms, he added.

Citigroup has been looking to build up its wealth business, including in the Asia-Pacific region, where the number of potential customers and their fortunes have soared over the past decade. The firm added more than 15,000 wealth clients there in this year’s first half. 

Fraser embarked on the companywide restructuring in September, when she scrapped the firm’s two longtime core operating units and eliminated the three regional chiefs who oversaw operations in about 160 countries around the world. 

The bank also exited its retail wealth management portfolio in mainland China in October, selling that division to HSBC Holdings Plc.