Ida Liu, the head of Citi’s private bank, will exit this month. Andy Sieg, who runs the bank’s wealth business, said on Monday in a memo that Liu had informed him of her decis

Ida Liu, an 18-year veteran of the bank, did not detail her future plans. Citi eliminated her post and will instead have four regional private-banking chiefs.

The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.

Citigroup Inc. is revamping the management structure of its private bank following the resignation of Ida Liu, who’s led the unit for almost four years.

Berkshire took a new stake in Citigroup ( C 1.88%) in 2022 and the stock currently makes up 1.5% of Berkshire's portfolio. Citigroup has far and away been the worst-performing large U.S. bank stock since the Great Recession and many investors have ditched the stock out of frustration.

The lender rebuffed allegations that it is less welcoming to conservatives after the president blindsided CEO Brian Moynihan with a barb during a Q&A session at the World Economic Forum in Davos, Switzerland.

In the latest shakeup, four regional heads serving the firm's highest-wealth clients will report directly to Citigroup's wealth chief Andy Sieg.

The global head of Citigroup’s private banking arm and one of its highest-ranking female executives is leaving in a potential blow to chief executive Jane Fraser’s plan to grow its wealth division.

Goldman Sachs took advantage of strong demand before passing the issuance baton to foreign banks and domestic borrowers

Ida Liu, who had been the global head of Citi Private Bank since April 2021, made the announcement on LinkedIn.

The value of a Wall Street bonus at the time of the award often ends up being far different than what bankers collect several years on when it vests.

Tullow Oil, Brookfield Infrastructure Partners and more in the latest Market Talks covering Energy and Utilities.