Ida Liu, the global head of Citi’s private bank, announced she will be leaving the company at the end of this month. Citi will eliminate her role and restructure its private banking leadership into four regional heads. Steven Lo will lead Citi’s private banking efforts in Japan, Australia, North Asia, and Asia South.
Antonio Gonzales will oversee Latin America. James Holder will be responsible for private banking in the U.K., Europe, and the Middle East. Cayman Wills will serve as the interim head for North America.
The four regional heads will report to Jim O’Donnell, Citi’s global wealth head. “This will enable even closer collaboration with leaders of the products and functions essential to delivering for our clients around the world,” O’Donnell noted in a memo. The restructuring is part of Citi’s ongoing efforts to streamline operations and reduce redundancy.
The bank eliminated five layers of management between September 2023 and March of last year. Liu, who has been with Citi for 18 years, has not disclosed her future plans. “Great careers are defined by embracing new challenges and opportunities, and this is the right time for me to leverage my global expertise, leadership experience and passion for growth in bold and exciting new ways,” she said on LinkedIn, indicating the decision to leave was hers.
Liu’s departure and leadership restructure
Jane Fraser, the CEO of Citi, noted Liu’s significant contributions. “She has left an indelible mark across our organization and will be greatly missed,” Fraser said in a separate memo.
Liu’s departure marks the exit of a significant female executive at Citi, where women make up 17% of the executive management committee. Fraser is currently the CEO, and three out of the four new regional private-banking heads are men. In Liu’s career at Citi, she launched the Asian Clients Group, led private banking in New York and North America, and was appointed the global head of Citi Private Bank in 2021.
Before joining Citi, she briefly worked for fashion designer Vivienne Tam and later returned to banking, convincing Citi to start a fashion, media, and entertainment arm within its private bank. Citi also announced two other key appointments: Christian Zeinler will join as the head of strategy for Citi Wealth and head of business execution for the private bank. Dawn Nordberg will lead the integrated client engagement unit, which now includes the private bank’s family office group.
The changes come as Citi continues to focus on wealth management, with CEO Jane Fraser highlighting an intensified emphasis on asset management and a refined business strategy during a recent earnings call. The wealth division’s income more than doubled last year, although this growth has been accompanied by several senior departures. “Over the past year, across Citi Wealth, we have refocused our business strategy, simplified our organization, and set a new trajectory for growth,” O’Donnell wrote in a memo.
“Citi Private Bank will be key to continuing this momentum, with its deep connections to wealthy clients and families.”
The continuing evolution within Citi’s leadership structure reflects a broader trend in the industry towards specialization and regionalization to better serve its diverse client base.
