The global head of Citigroup’s private banking division and one of its top female executives has announced her departure, which could pose challenges for CEO Jane Fraser’s strategy to expand the wealth management sector. Ida Liu shared the news of her exit on LinkedIn, though she did not disclose her future plans. Her resignation follows a series of high-profile departures among women in senior positions at the bank.
In her announcement, Liu expressed that her career is focused on seizing new challenges and opportunities, deeming this the right moment to apply her global experience and leadership skills in fresh and exciting directions. Citigroup did not provide comments regarding her resignation.
Liu’s exit reduces the already limited representation of senior women at Citigroup, as she was not part of the executive management team but was one of the few high-ranking female leaders alongside Tasnim Ghiawadwala, who oversees the commercial bank. Citigroup has been organized into five primary business units, all led by men, and out of the 18 members on Fraser’s executive management committee, only two are women.
Liu’s departure is part of a broader trend, following exits such as Titi Cole, the global head of restructuring, and Karen Peetz, the chief operating officer. Cole was succeeded by Tim Ryan, while Anand Selva took over Peetz’s responsibilities.
This change arrives as Citigroup intensifies efforts within its wealth management business. Liu has a diverse background, having started her career in investment banking at Deutsche Bank before shifting to the fashion sector and eventually returning to Citigroup to attract affluent clients from the creative industries.
Liu was appointed as the head of North American private banking in 2019 and became the global head two years later. She reported to Andy Sieg, who has been tasked with revitalizing the bank’s wealth division. Under his leadership, there has been a shift towards focusing on asset management and altering the incentive structure for private bankers to reward client asset acquisition.
Sieg’s initiatives have yielded positive results for the division, evidenced by a substantial increase in income, which more than doubled in the past year to over $1 billion, marking the highest profitability since the bank began separately reporting this segment. During a recent earnings call, Fraser noted significant progress in the wealth management area, highlighting the enhanced focus on investments and improvements in client engagement.
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