Citigroup (NYSE:C) plans to hire 500 people for its new wealth division over the next three years, Bloomberg reported Tuesday. The unit, called Wealth at Work, is seeking to attract as clients junior employees at private equity offices, accounting firms and consultancies on the hopes that their income will grow to achieve ultra-wealthy status.
In an interview, Naz Vahid, who oversees the development of Wealth at Work, told Bloomberg she plans to apply the business model used at the private bank’s Law Firm Group to other sectors. Vahid headed that group, which now has 50,000 lawyers and 1,000 firms as clients.
“We are already the undisputed No. 1 in the space, and we’re going to take the law-firm group model and apply it to these other verticals,” she said.
Citi’s (C) Wealth Management revenue in Q2, at $1.91B slipped from $1.92B in Q1 and was essentially flat vs. Q2 2021. Wealth at Work Q2 revenue was $170M vs. $183M in the prior quarter and $171M at Q2 2021.
Last month, Citi (C) stock surged after its Q2 earnings, helped by Treasury and Trade, topped the Wall Street consensus