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Citigroup Makes Raft Of Top-Level Private Bank, Wealth Changes

Tom Burroughes

15 April 2021

Ida Liu, head of Citigroup’s private bank in North America, has been named global head of private banking, while a number of other top-level changes were announced by the US lender in an internal memo seen by this news service.

The appointments at Citigroup are among changes that the firm is making as it forms a new organization, Citi Global Wealth, pulling together insights and assets across the private bank, consumer bank and its institutional clients group. 

The memo, from Jim O'Donnell, head of Citi Global Wealth, said that “by building on our combined strengths, we will transform the way we serve clients across the wealth spectrum, deliver the full range of high tech and high touch capabilities Citi can offer, and ultimately help them achieve their goals”.

Liu’s new role as global private banking head includes the private capital group, global trust and private bank global marketing areas. Regional private banking heads will report to Liu and their regional management.

David Bailin, chief investment officer and global head of investments, will expand his responsibilities to form Citi Global Wealth Investments , bringing together the investment teams from the private bank and the consumer bank globally.

Giuliano Malacarne, head of investment finance for the private bank, will expand his responsibilities and coordinate the delivery of banking and lending products to all wealth clients. His team will focus on investment financing services, including art advisory, aircraft leasing, commercial real estate and margin lending. 

Naz Vahid, head of the bank’s law firm group, which provides customized financial strategies and tailored advice to law firms, their partners and employees, will lead a strategic expansion of the team globally across new industry sectors and professional organizations.

In Asia, Fabio Fontainha, head of Asia-Pacific retail banking, and Steven Lo, head of the private bank in Asia, will lead as co-heads of Citi Global Wealth for Asia. Lo will focus on Citi’s client footprint and front office talent, while Fontainha will focus on the integration across teams, the harmonization of infrastructure, technology and digital platforms. 

Luigi Pigorini, head of the private bank in EMEA, will expand his responsibilities to lead and manage CGW EMEA across the entirety of its wealth businesses in the region while also retaining his private banking responsibilities. 

In North America, David Poole will continue as head of US consumer wealth across Citi Personal Wealth Management and the International Personal Bank. Citi said it will post the name of the head of North America Private Banking, reporting to Liu, shortly.

After 35 years at Citi, including the last 11 as head of its Latin American private bank, Jose Fuentes has told the lender that he intends to retire. Rodrigo Cordova will continue to run its Citibanamex Wealth business.

Other news roles
Eduardo A Martinez Campos will take on the role of CGW chief operating officer. 

Ronna Glick is joining CGW from the firm’s markets investor sales arm as its global head of client strategy and client analytics. 

Running Du, who joins CGW from Citi's corporate strategy team, will become the group’s chief of staff.