Citi Private Bank reported an 11% slump in
revenue for the fourth quarter of 2010, compared to the same
quarter in 2009.

The private bank’s revenue fell to $501m, a
$60m drop from a year ago, although it had a fractional 1% rise
from the third quarter of 2010.

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The bank said the increase was mainly driven
by higher client business volumes.

 

Holder named head of Family Office
Group

Citi also signalled its focus on the family
office division, with the appointment of James Holder as head of
the family office business.

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Citi launched its Global Family Office Group
four months ago. The unit is open for external clients and
formalises services already offered to high net worth individuals
with assets of $25m or more. 

Holder joined Citi in 2005 as a senior private
banker on the UK team and became a member of the UK management team
in 2010.