Citi names Ida Liu new global head of private banking

Citigroup has named Ida Liu its new global head of private banking, one of a slew of moves the company is making in its newly reorganized wealth management unit.

Previously the head of Citi Private Bank North America, Liu will now oversee the bank’s private capital group, global trust and private bank global marketing, the company said in a memo Wednesday. She will report to Jim O’Donnell, head of Citi’s global wealth division, and will work with region and product heads across the wealth management business.

Ida Liu joined Citi in 2007 and has run its North American private bank since 2019.

Earlier this year, Citigroup consolidated its two wealth management units, Citi Private Bank and Citi Personal Wealth Management, into one global division called Citi Global Wealth that is led by O’Donnell. The reorganization essentially combined Citi’s business focused on ultra-wealthy clients with those focused on its less affluent clients.

Liu first joined Citigroup in 2007 from the fashion industry after she sold the bank on the idea of establishing an investment banking business focused on fashion, media and entertainment. In 2011, she launched a new Asian clients practice for Citi Private Bank and in 2019 she was promoted to head of North American private banking.

Liu was named one of American Banker’s Most Powerful Women in Finance last year.

Citi made a number of other leadership announcements in its wealth management unit on Wednesday.

David Bailin, chief investment officer, will lead a new team, Citi Global Wealth Investments, created by combining the investment teams from its private banking and consumer banking businesses.

Naz Vahid, head of Citi’s law firm group, will lead a global expansion of that practice. Giuliano Malacarne, head of investment finance at Citi Private Bank, will lead a team focused on investment financing services, including art advisory, aircraft leasing, commercial real estate and margin lending.

David Poole will continue as Citi’s head of U.S. consumer wealth.

“Citi‘s global footprint and ability to service clients holistically position us to become an industry leader in wealth,” O’Donnell said in the memo. “The formation of Citi Global Wealth… has drawn together insights, experience and assets from across the private bank, the global consumer bank and the broader institutional clients group.”

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