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The global head of the Citigroup’s private banking branch and one of its highest -ranking female leaders is leaving as a possible blow to the executive chief plan Jane Fraser to increase its division of wealth.
Ida Liu announced his departure at LinkedIn Monday morning, but did not say where he was going. Her decision comes after a number of other departures from older women in the bank.
“Excellent careers are determined by embracing new challenges and opportunities and this is the right time for me to exploit my global expertise, leadership experience and the passion for growing in new bold and exciting ways,” Liu wrote.
In an internal memo, Andy Sieg, the head of the quota wealth division, said that Liu “had left an indelible trace in our organization and will be lacking a lot.”
At the same time, Sieg said LIU’s departure will allow the bank’s wealth division to restructure management, eliminating its role and creating four regional managers that will supervise both the private bank and the management of assets.
However, the removal of LIU will reduce the limited number of high -ranking female leaders below the Fraser.
Citi was reorganized into five large business units just over a year ago, all led by men. The 18 -member Fraser executive committee includes only two governing women besides her.
Liu’s departure comes after the departure of other female leaders of Citi, including Titi Cole, who was a global leadership of restructuring and left in May, and Karen Peetz, who was the operational chief and left in 2023. Cole U Replaced by Tim Ryan, a former senior executive at PWC, who is also the head of Citi technology. Peetz was replaced by Anand Selvakesari, who had been the head of the Citi Customer Division.
Of the four property executives promoted Monday after the announcement of Liu’s departure, only one, Cayman Wills, named North American Provisional Head, is female. The other three male leaders were appointed permanent leaders of their regions.
The departure also comes at a time when Citi is putting new emphasis on its division of wealth. Liu, a former Deutsche Bank’s investment banner, left Wall Street at the beginning of her career to become a fashion leader. She returned a few years later to Citi, using her contacts to seduce wealthy clients in the fashion world, media and entertainment.
The bank named Liu, head of its private bank in North America in 2019, and the head of the Division globally two years later.
Sieg, a former senior Bank of America, was brought in a year and a half ago to turn the division of wealth into difficulty. He has emphasized asset management and moved to renovate the way the quotation pays its private bankers – rewarding them for bringing customer assets and not for transaction, as private bankers are usually paid.
SIG changes in the Division have improved the results, but have been associated with some high departures. The revenue from the quotation division doubled last year to more than $ 1 billion, its highest profit since it began distributing the unit’s results three years ago.
Last year “was the turning point for wealth because we sharpened our focus on investment, determined the basis of expenses and improve the customer’s experience,” Fraser told analysts earlier this month in calling the fourth quarter of quotation, while praised as Sieg. “This is where we see the big overthrow.”
