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Citi’s Global wealth Organization

A single wealth management organization was created by Citi Global Wealth, unifying wealth management teams in Global consumer banking (GCB) and the Institutional Clients Group (ICG). It is the single, integrated platform serving affluent segment to ultra-high net worth clients.

The main strategy going forward will be making wealth management the essential differentiator source of enhanced returns for Citi and to put the full force of the firm into action.

Jim O’Donnel leading the new organization will include Citi Private Bank and Citi personal wealth management under him and will be reporting directly to Anand Selva , CEO of Global Consumer Banking and Paco Ybarra, CEO of the Institutional Clients Group.

As said by the new CEO the clients of Citi are increasing globally and that the bank is committed to help the clients in their financial needs and help preserve and build wealth for themselves and their families and for future generations. As they preserve the products , capabilities , services and expertise of the Private bank and Consumer Wealth business to deliver the full global power to Citi and in turn to its clients by creating a unified Wealth Organization.

The new CEO before his new role was the Global head of Investor Sales and Relationship Management who was responsible in the distribution of Global Market products to Citi’s Equities , Fixed income , Currencies and commodities clients.

Citi’s Private bank help the world’s wealthiest individuals and law firms protect and grow their wealth. Housing $550 billion client business in total, including 25% of world’s billionaires. Citi Private Bank is currently serving almost 1400 family offices and more that 13,000 UHNW clients across 50 different cities in over 100 and odd countries.

The reason behind having fewer but larger and sophisticated cliental portfolio is because of the bank’s unique business model which has enabled a highly customizable experience to its clients. Also providing a wide range of products and services relating to investments, banking, lending , custody , wealth planning , real estate , art, air craft financing and lending and much more. The highlight is that all these services are available with personal advices with competitive pricing and top notch execution.

Citi now has approximately 200 million customer account making it a leading global bank doing business in more than 160 countries and jurisdictions.

Citygold Private Client and Citi Priority offerings , Citi’s Global consumer bank provides institutional grade , wealth management services like wealth teams dedicated personally , fund access and a wide range of exclusive privileges, preferred price and benefits to its clients across the globe not restricting to only certain geographical components. With a broad range of financial products like consumer banking, credit , corporate and investment banking , securities brokerage , transaction services and wealth management to its consumers , corporations , governments and institutions.

Banking

Goldman banker hired by the Citi bank

Citigroup has hired Luisa Leyenaar-Huntingford from Goldman Sachs. This new hire is to co-head its global infrastructure franchise. Because, it seeks to win more business from cash-rich investment firms focusing on infrastructure deals. Leyenaar-Huntingford will be based in London. Responsibility will be shared with Todd Guenther in New York.

The pair will work closely with industry teams covering healthcare, industrials, natural resources and clean energy transition (NRCET), technology and communications. Leyenaar-Huntingford helped in the establishment of the Goldman’s infrastructure franchise in her time at the Wall Street bank. They will team up with Citi’s Iberia co-head of banking, capital markets and advisory (BCMA) Jorge Ramos will continue to be a senior member of the global infrastructure franchise.

The infrastructure sector is poised for further growth, according to the memo. The memo was released by Citi’s global co-heads of the alternative assets group Anthony Diamandakis and John Eydenberg, and its EMEA head of BCMA Nacho Gutierrez-Orrantia. There was significant private investment demand across the globe to deal with environmental, energy, transportation, waste, communication, digital and other social needs.

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Banks make slow progress on UK gender pay

Major banks in Britain made a slight dent in their gender pay gaps. Several insurers went backwards. Companies in Britain with more than 250 employees have been required to publish the difference between the pay and bonuses of their male and female employees. They got a reprieve due to the pandemic, last year. The financial services sector has shown one of the largest genders pay gaps in Britain. The lack of women in senior jobs is the main reason.

Pay gap data from 21 major financial institutions showed a narrowing in their average mean gender pay gap. This is just 0.4 percentage points. Banks alone had a pay gap which narrowed by one percentage point. Ann Francke, chief executive of the Chartered Management Institute said that the UK’s financial services industry has often been singled out. It really does have to get its house in order. Goldman Sachs had the widest gender pay gap in the year to April 2020. Goldman posted a gender pay gap of 51.8%. The bank told the staffs that narrowing the gap further was a critical priority. A spokesperson for banking lobby group UK Finance said, that there is clearly more still to be done.

FTSE 100 insurers Prudential, Legal & General and M&G reported a widening in their pay gaps. Prudential’s UK gender pay gap widened to 45.2%. M&G also reported a widening in its pay gap in the most recent year to 30.5%. The M&G spokesperson said that they are determined to narrow their gender pay gap and will do this by achieving better representation of women in all roles at all levels of our organization. Legal & General’s mean gender pay gap widened to 30.8%.

The insurer said that the legal & general is tackling the underlying causes of its pay gap. This is by creating a more diverse workforce and a more inclusive culture through sustained, long-term action. Admiral had a gender pay gap last year of 12.8%. The 21 firms surveyed were Barclays, HSBC, Lloyds, NatWest, Standard Chartered, Bank of America Merrill Lynch, Goldman Sachs International, JPMorgan, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank, PGMS (a Phoenix unit), abrdn, Schroder Investment Management, St James’s Place, Legal & General, Prudential, Admiral Group, Aviva and M&G.

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BOJ to lower inflation target-Japan’s finance minister

Japan’s outgoing finance minister, Taro Aso, said that he had proposed lowering the central bank’s 2% inflation target. This is when the prices took a hit from plunging oil prices. He was the finance minister for nearly nine years. The slump in oil price was among the main reasons the government could not officially declare an end to deflation. In his final news conference as finance minister, Aso said that he proposed to Governor Kuroda that, with oil prices falling this much, it would be hard to achieve 2% inflation. Hence, the target must be lowered at some point. He stated this by referring to Bank of Japan (BOJ) chief Haruhiko Kuroda.

Aso also said that the governor said he would do his best to achieve the target. This is stated by adding that policymakers must scrutinise at some point, why the BOJ’s inflation target of 2% has not been met. The remarks highlight how the government and lawmakers distanced themselves from the BOJ’s target years ago, despite central bank reassurances that achieving the target was possible by maintaining or increasing stimulus.

Aso was deeply involved in negotiations with the BOJ. After Kuroda took over as governor, he deployed a massive asset-buying program. This is for pulling Japan out of deflation. Aso supported the BOJ’s stimulus efforts. He is a member of the cabinet. And also, had raised many doubts that monetary policy alone can reflate the economy out of the doldrums. New Prime Minister Fumio Kishida is set to form a cabinet.

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