(Reuters) – Citigroup Inc will launch a search for a new head for its wealth management business, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Jim O’Donnell, global wealth management chief, will become a vice chairman of the bank and the head of senior client engagement, the report said, adding that Sunil Garg was named North America CEO on Tuesday.
Citi did not immediately respond to a Reuters request for comment.
The leadership reshuffle follows a difficult year for the bank’s wealth management unit as elevated market volatility and worries of an economic downturn hampered its revenue.
Citigroup combined its wealth management teams in global consumer banking and the institutional clients group into one unit two years back as part of a restructuring under Chief Executive Officer Jane Fraser.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath)