Citi Private Bank - Competitor Profile

Citi Private Bank - Competitor Profile

Summary

GlobalData’s 'Citi Private Bank - Competitor Profile' provides a comprehensive analysis of Citigroup's private banking and wealth management operations. It offers insights into the company’s strategy and financial performance, including key data on assets under management (AUM). Customer targeting and service propositions are covered, as are product innovation and marketing activities.

Citigroup - which has its headquarters in New York, the US—is a global universal bank that provides a broad range of products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Citi Private Bank is part of Citigroup’s Global Wealth Management division, which serves ultra-high-net-worth (UHNW) clients.

Scope

• Citi Private Bank mainly focuses on UHNW customers with assets of at least $25 million. The bank also requires its clients to hold a minimum of $5 million-10 million (depending on the market) in assets in accounts and products managed by Citigroup.
• In 2022, Citigroup reorganized its business structure to create the Personal Banking and Wealth Management division, which includes Citi Private Bank.
• In April 2021, Citigroup announced the sale of its consumer banking business in 13 markets globally, with most of these markets in the Asia-Pacific region. Following this move, Citigroup plans to ramp up its wealth management operations, especially in Asia-Pacific. In 2022, the group was aggressively hiring in Asia and Europe. In March 2023, Citigroup appointed Andy Sieg as the new CEO of Citi Global Wealth, who will replace Jim O’Donnell, effective from September 2023.
• Citigroup’s growing focus on digitalization includes the launch of the Citi Plus mobile banking product offering and Citi Wealth Builder Plus. Citi Wealth Builder Plus is an extension to the Citi Wealth Builder digital investment platform that includes personalized advice from a financial advisor.
• Environmental, social, and governance (ESG) remains a key focus of the group. Citi Private Bank runs the Investing with Purpose team, which offers portfolio management services that help clients make environmental and social impact investments without compromising on returns.

Reasons to Buy

• Examine the financial performance, key ratios, and AUM growth of Citigroup and its Private Bank business and benchmark this competitor against other global wealth managers.
• Understand Citi Private Bank’s current strategic objectives and their impact on its financial performance.
• Discover Citi Private Bank’s key products and client targeting strategies and examine whether these have been successful.
• Learn more about Citi Private Bank’s marketing strategy, social media presence, and digital innovations.