Citigroup has hired JPMorgan's head of trusts and estates to lead its own wealth planning business, according to a person familiar with the matter. The move is part of Citi's broader effort to expand its wealth management operations.
Key Hire in Wealth Management
The executive, who has not been publicly named, will join Citi's private bank as head of trusts and estates. The hire was reported earlier by Bloomberg. Citi has been actively recruiting from rivals as it seeks to grow its high-net-worth client business.
Background and Role
The new hire brings extensive experience in estate planning and trust services, areas that are critical for wealthy clients. At JPMorgan, the executive oversaw a team that managed trusts and estates for the bank's private clients.
Strategic Implications
Citi's move underscores the competitive market for wealth management talent. The bank has been investing in this area, aiming to increase its share of the ultra-wealthy market. The addition of a seasoned executive from a top rival is expected to bolster Citi's offerings in estate planning and trust services.
