Citi’s decision to create a single wealth-management platform in early 2021, Citi Global Wealth (CGW), is bearing fruit.
The new model was a tacit admission that the old one needed more than a tweak. Under the aegis of CGW, the US bank created a single wealth-management platform, pooling its institutional clients and global consumer banking groups.
Citi’s decision came at an important time for the US’s global lender. Jane Fraser was named chief executive in February 2021, with a remit to make the bank more profitable and generate higher returns – in short, more like its chief US rivals, JPMorgan and Bank of America.
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