Citi made a raft of new appointments to its wealth management unit including the promotion of its Asia head of private banking.
Citi named Steven Lo co-head of the wealth unit in the region alongside APAC head of retail banking Fabio Fontainha, according to an internal memo.
Lo was named Asia head of the private bank in 2017, succeeding ex-head Bassam Salem.
The bank also appointed Ida Liu – most recently head of the private bank in North America – as the global head of private banking, overseeing the bank’s private capital group, global trust, and private bank global marketing operations.
Senior Reshuffling
Other notable appointments for the wealth business include chief operating officer Eduardo A. Martinez Campos and chief of staff Running Du.
Chief investment officer and global head of investments David Bailin will form a group that combines investment teams from the private bank and consumer bank globally.
Head of investment finance for the private bank Giuliano Malacarne will expand his remit and coordinate the delivery of banking and lending products to wealth clients.
Wealth Reorganized
The appointments coincide with the bank’s reorganization of its wealth business to encompass the full spectrum from emerging affluent to high net worth clients.
«Our clients are looking for more — whether it's access to investment opportunities and advice, tools and analytics, a focus on environmental, social and governance concerns or more engaging digital experiences,» said Jim O'Donnell, Citi’s head of global wealth in the memo.
