The chief funding officer of Citigroup’s wealth division, David Bailin, is leaving the financial institution after 15 years.
Bailin, a frequent commentator within the monetary media who led Citigroup’s recommendation to its wealthiest purchasers, will go away the financial institution on Might 15, he stated in a LinkedIn publish. He added that he is trying ahead “to publishing impartial market commentary and insights.”
Steven Wieting, chief funding strategist and chief economist for Citigroup’s wealth division, will exchange Bailin on an interim foundation, in accordance with a spokesperson for the New York-based financial institution.
Bailin’s departure comes as Citigroup is pushing to enhance returns in its wealth division, which is confronted with stiff competitors from the likes of JPMorgan Chase and Morgan Stanley and has seen lackluster leads to current quarters. Final quarter, its wealth income fell by 4% from a yr earlier.
Final yr, Citi CEO Jane Fraser employed Andy Sieg to push for an overhaul of the division. Most lately, Sieg introduced on his former Financial institution of America colleague Don Plaus to run Citigroup’s non-public financial institution in North America.
— With help from Silla Brush.
