Citigroup has tasked a high-ranking executive with more effectively fostering business leads between its wealth management arm and its investment bank in Asia.
The American bank named Kevin Lam as business development head for private, corporate and investment banking, according to «Reuters».
The move is emblematic for large banks, which are seeking to squeeze more business out of existing clients by referring business between their capital markets and private banking arms.
Dual Reporting Line
Lam adds the new role to his current one as operating chief for Citi's corporate and investment bank in Hong Kong and also a member of local management.
In line with the new dual role, he will report to both Mark Slaughter, head of the bank's corporate and investment bank in Asia, as well as to Bassam Salem, who is Citi's private banking head in Asia Pacific.
