According to Reuters, Citigroup Inc. hired Andy Sieg to head its global wealth business from Bank of America Corp. (BAC.N), where he oversaw the Merrill Wealth Management division.
Sieg has a “track record of driving growth” and “deep experience in the U. S.,” where Citi intends to expand, according to CEO Jane Fraser in the hiring announcement.
“Our team is on a mission to transform Citi and he is highly driven and motivated to play a central role in our firm’s leadership.”
The wealth division is an important aspect of Citi’s strategy since it will assist to diversify the company’s revenue from customer fees.
Citigroup merged its multiple wealth operations, including its private bank and personal wealth management divisions, under a single enterprise overseen by Jim O’Donnell two years ago.
O’Donnell will continue in the position for six months while Sieg is on leave before becoming executive vice chairman.
At the bank’s investor day last year, Fraser highlighted the bank’s goal to become a global leader in wealth management.
While Citigroup has a greater international presence than many of its US rivals, it confronts stiff competition from JPMorgan Chase & Co (JPM.N) and Bank of America, while UBS Group AG (UBSG.S), HSBC (HSBA.L), and Standard Chartered (STAN.L) are very competitive in Asia.
Sieg served on the management committee of Bank of America, where he supervised a $18 billion operation with $2.8 trillion in client balances.
He was the leader of the 25,000-strong “thundering herd” of financial advisers dubbed after Merrill famed bull logo.
Sieg joined Merrill Lynch in 1992 and has been its president since 2017, with a four-year gap in which he worked in Citi’s wealth department from 2005 to 2009.
“This is a fantastic opportunity to build a leading wealth management business at the world’s most global bank at a time of massive wealth creation,” he said in a statement.