Ida Liu has left her position as global head of Citi Private Bank, she posted on her LinkedIn account on Monday.
“After nearly two decades at Citi, including the privilege of serving as the global head of Citi Private Bank, I have made the decision to leave the firm and embark on the next chapter of my professional journey.
In an internal memo seen by the Financial Times, Andy Sieg, the head of Citi’s wealth division, said Liu had “left an indelible mark across our organisation and will be greatly missed”.
But Liu’s exit will allow the bank’s wealth division to restructure management, by eliminating her role and creating four regional managers who will oversee both private banking and asset management, Sieg added.
Liu had been global head of Citi Bank since April 2021 and joined the US bank in 20o7 after three years as fashion executive, according to her LinkedIn profile. Earlier she spent five years as an investment banker at Merrill Lynch
Concurrently, Roger Bacon, head of investments for Citi Private Bank in Asia Pacific announced on LinkedIn that: “After nearly 15 years at Citi, today is my last day. I have had the privilege of working with many wonderful colleagues and clients around the world, and am proud of my achievements. I am very excited about what lies ahead”
Bacon (main picture) had been a managing director at Citi Private Bank for nearly 15 years, and previously worked at UBP, Rothschild Family Office and JP Morgan.
New structure
In an internal memo seen by FSA, Sieg outlined the new structure of the private bank, which will “further simplify our structure and elevate key Private Bank geographies to our Wealth Senior Leadership Team, effective immediately,” he wrote.
Four Citi Private Bank geographies will now report directly to Sieg, namely: Japan, Asia North and Australia (JANA) & Asia South; Latin America; North America; the U.K., Europe & the Middle East.
These will be led, respectively, by Steven Lo, Antonio Gonzales, Cayman Wills (interim) and James Holder. The investment counselors will sit in their respective geographies.
Lo has more than 30 years of experience in wealth management. He joined Citi in 1991 and was most recently head of Asia North & Australia for Citi Private Bank.
In addition, Christian Zeinler is joining the team from UBS as head of strategy for Citi Wealth and head of business execution for Citi Private Bank. Zeinler will report directly to Sieg while partnering with both Valentin Valderrabano and Tim Karpoff in developing the broader Wealth strategy.
Meanwhile, the Family Office Group will become part of Integrated Client Engagement, led by Dawn Nordberg, and Hannes Hofmann, who heads the Global Family Office Group, will now report to Nordberg.
