Citibank (NYSE: C) plans to double the size of its private banking force in North America over the next few years, according a statement made by Citi Private Bank’s North American Chief Executive Peter Charrington in an interview with Dow Jones Newswires.
Charrington said that he would like the unit, which currently has 130 private bankers, to reach a total of about 260.
Citibank’s private banking sector targets investors with net-worths of at least $25 million. The unit is a strong growth area for Citibank after the company formed a joint venture with its Smith Barney brokerage unit and Morgan Stanley nearly a year ago.
Charrington was named CEO of the private bank’s north American operations in June after heading Citibank’s ultra-high net worth business in the U.K., Israel and Monaco. Since Charrington’s placement, Citibank has added private bankers in Miami and Connecticut. The company has also filled management roles including the global head of asset allocation and the global chief investment allocation.
Citibank’s private banking unit also added two regional executives this week, Michael Smith and Mark Connally, both from Barclays Wealth, who are tasked with finding additional talent.
Citi Private Bank manages more than $90 billion in cash and investments from its client. The private bank also has an ultra-high-net worth business, but also caters to the wealth management needs of attorneys in its law firm group.
