Citigroup hires BofA Merrill's head Andy Sieg to lead wealth unit

Citigroup Inc employed Andy Sieg to guide its worldwide wealth arm, the lender stated on Thursday, from Bank of America Corp, in which he led the Merrill Wealth Management unit.

Sieg has "a music file of riding growth" and "deep revel in withinside the U.S.," in which Citi goals to grow, CEO Jane Fraser stated withinside the hiring announcement. "Our group is on a project to convert Citi -- and he's extraordinarily pushed and inspired to play a critical function in our firm`s leadership."

The wealth commercial enterprise is a center a part of Citi's approach and could assist to diversify its commercial enterprise via way of means of bringing in extra sales from purchaser fees.

Two years ago, Citigroup unified its numerous wealth corporations right into a unmarried organisation led via way of means of Jim O'Donnell that protected its non-public financial institution and private wealth control divisions. For six months whilst Sieg is on required leave, O'Donnell will continue to be withinside the function earlier than turning into government vice chairman.

Fraser signaled the financial institution's goal to come to be a worldwide chief in wealth control at its investor day closing 12 months.

While Citigroup has a much broader global attain than many U.S. rivals, it faces hard opposition from JPMorgan Chase & Co and Bank of America, whilst UBS Group AG, HSBC, Standard Chartered are extraordinarily aggressive in Asia.

Sieg become a member of Bank of America's control committee, strolling an $18 billion commercial enterprise with $2.eight trillion in purchaser balances. He led the 25,000-person "thundering herd" of monetary advisers named for Merrill's well-known bull logo.

Sieg joined Merrill Lynch in 1992 and had served as its president considering the fact that 2017, with a four-12 months wreck wherein he labored in Citi's wealth organization from 2005 to 2009.

"This is a super possibility to construct a main wealth control commercial enterprise on the world's maximum worldwide financial institution at a time of big wealth creation," he stated in a statement.

Sieg's departure precipitated the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America stated in a separate statement.

Hans joined Bank of America in 2014. She leads the global and institutional corporations liable for Merrill`s biggest purchaser relationships.

Schimpf commenced his profession as a Merrill monetary adviser in 1994 and maximum currently served as an government for the Pacific coast and co-head of its adviser improvement programme. A graduate of the U.S. Military Academy at West Point, Schimpf certified as airborne ranger and become commissioned as an infantry officer withinside the U.S. Army earlier than starting his profession in banking.

(Reporting via way of means of Jaiveer Shekhawat and Lananh Nguyen, extra reporting via way of means of Saeed Azhar; Editing via way of means of Sriraj Kalluvila and Marguerita Choy)

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