NewsCiti hires 12 new private bank leaders to chase $3 trillion
Citi is hunting for billions in new North American assets. They hired 12 new leaders to grab wealth from competitors. The bank currently manages over $1 trillion for elite clients. They want to capture another $3 trillion sitting elsewhere. This push signals a major shift for the global giant. Expec
Citi is on a massive hiring spree to reclaim its spot at the top of the wealth management world. After selling off its Smith Barney business years ago, the bank is now fighting to win back its North American dominance. Chris Biotti, the new head of North America for Citi Private Bank, is leading the charge by installing 12 new regional leaders in just 15 months. He is not just filling desks. He is hunting for $3 trillion in assets that currently sit with other banks. The average client here has a net worth of $400 million, and the bank already serves one-quarter of the world’s billionaires. Biotti, a former Bank of America executive, says the goal is simple: to beat the best. He is even targeting the wealth corridor between Washington D.C. and New York, including southern New Jersey, to pull in more capital. The bank has already added 43 bankers and investment counselors to help manage these complex portfolios. This is all part of CEO Jane Fraser’s plan to boost returns and drive steady, fee-based revenue. While the parent company has cut thousands of jobs elsewhere, this private banking unit is growing fast. If you are looking for a new place to park significant capital, the competition between these massive banks just got a lot more aggressive. It seems the best way to grow a bank is to simply hire the people who already know where the money is hidden.