Citigroup (NYSE: C) has hired two executives from Barclays (NYSE: BCS) who will head regional divisions at the company’s private-banking and wealth management units.
Mark Connally and Michael Smith, both former Barclays Plc employees, will serve as managing directors that will oversee regions of Citigroup’s wealth-management services unit. Conally will be a director for the Southwestern United States and Smith will be a director for the Midwest. Both employees will report to CEO Peter Charrington, head of private banking in North America.
Both Connally and Smith held similar positions with Barclays, based out of London, and Lehamn Brothers until the company filed bankruptcy in September of 2008. The two men became employees of Barclays after the company purchased Lehman Brothers’ North American investment-banking business.
Citigroup’s private-banking unit had revenue of $2.05 billion in 2009, down more than 10% 2008.
