Citi Private Bank aims to hire about 300
employees over the next three years in the US, Asia, Latin America
and Europe in an effort to double the firm’s net profit.
The private banking arm that accounts for 5%
of the firm’s overall profit, aims to attract ultra high net worth
individuals with more than $25m to invest. A Citi spokesman
confirmed the bank had $230bn assets under management.
Go deeper with GlobalData
Citi Private Bank unit head, Jane Fraser, was
reported as saying that Citigroup plans to target the next
generation of wealthy heirs, which are expected to inherit $5trn in
assets.
Fraser said plans to remodel the private bank
to attract these wealthy young adults are underway with a ‘fresher’
online banking interface and the newly launched iPad app for
private bank clients.
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