Citi’s new global wealth management strategy is starting to take shape, with the creation of new roles within its private banking cluster, for the Europe, Middle East and Africa region.
Selim Elgen will be the new head of emerging markets, with Jeremy Knowland named the head of UK and Jersey, and James Holder to head the Europe region. On November 5, the US bank also announced that Mark Mills will be the new EMEA regional head for Citi Global Wealth Investments (CGWI), based in London.
This is the next step in the realization of a single, truly global wealth platform, itself a recognition by the US bank that private banking, once an adjunct of financial services, is now the key driver of growth and earnings.
In January, the bank created a new unit called Citi Global Wealth (CGW). It aligned the global consumer banking and institutional clients teams to serve clients across the wealth spectrum, from mass-affluents to ultra-high-net-worth (UHNW).
That division, headed by Jim O’Donnell, has since made several strategic hires, most of them internal and involving seasoned Citi executives.