Citigroup reportedly plans to hire 130 private-client bankers in North America over several years, doubling the current team.
The unit will continue to make "selective hires" for its 22 North American branches, and is not considering acquiring another private wealth management firm, Reuters reports, citing an unnamed source. Citi Private Bank serves an upper tier of the wealth market, clients whose net worth exceeds $25 million.
Citi spun off its main wealth management division to a joint venture with Morgan Stanley last year. It held onto the private bank, shifting the unit from the sold division to Citi's institutional clients group. The original arrangement had been less than ideal, in that private bankers and brokers in Citi's former Smith Barney unit had sometimes competed for the same clients.
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