City loses the head of the Special Banking Services Unit

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The international head of the private banking arm at City Group and one of the highest executive director at City Group left the company in a possible blow to the plan of CEO Jane Fraser to develop the wealth department.

Ida Liu announced her departure on LinkedIn on Monday morning, but she did not mention her next destination. Its decision comes in the wake of a series of other journeys of great women in the bank.

“The great professions are determined by embracing new challenges and opportunities, and this is the time for me to benefit from my global experience, my leadership experience and my passion for growing in new, bold and exciting ways,” Leo wrote.

City They did not respond to a request to comment on the departure of Liu.

Leo’s exit will reduce the limited number of high -level executive director in the organizational structure of City under the Fraser. While Liu was on the City Executive Management Team, Leo, along with Tasnim Ghayadwalla, which runs the Commercial Bank of City, was among a few women leaders there.

City Group has regulated itself to five major business units a little more than a year ago, and all the five men run. The Fraser Executive Management Committee, consisting of 18 members, includes only two executives Fraser.

The departure of Liu comes in the wake of the departure of high -level executive directors in City, including Titi Cole, who was the head of the global restructuring of City and left in May, and Karen Pitts, who was the CEO of City Operations and left in 2023. Cole was replaced by Tim Ryan . One of the senior officials of the former CEO of Price Water Hosphens, who is also the head of the technology department in City. Peetz was replaced by Anand Selva, who was the head of the Consumer Department of Citi.

The departure also comes at a time when City Bank focuses on the division of its wealth. Liu, a former investment banker in Deutsche Bank, left Wall Street early in her career to become a fashion manager. After a few years, she returned to City, taking advantage of her contacts to attract wealthy customers to the world of fashion, media and entertainment.

The bank was appointed to the head of the North America’s own bank in 2019, and the department’s head in the world two years later.

Liu presented his report to Andy Sage, who was appointed a year and a half ago to change the wealth section of City. SAG focused on asset management and moved to renew the way City Bank pays his private bank banks – their reward to bring customer assets instead of every treatment, and private bankers usually get their wages.

Sieg’s changes in the department improved the results, but were accompanied by many of the great departures. The income of the wealth department in City has doubled more than twice in the past year to reach more than one billion dollars, which is its highest profit since the bank began publishing the results of the unit three years ago.

“Last year was a turning point for wealth as we tightened our focus on investments, and we set the size of the expenses base and we have good customer experience,” Fraser told analysts in the company’s fourth quarter call, praising Sieg. “This is the place where we see the great upcoming trend.”