Citi Private Bank provides personalized wealth management services for ultra-high-net-worth clients who include many entrepreneurs and senior corporate executives. It has 60 offices in 23 countries. To be eligible for an Citi Private Bank account, the minimum net worth is $25 million USD. This requirement is waived for Law Firm clients and qualified HNW clients. Citi Private Bank's major competitors are JP Morgan Chase Private Bank, Goldman Sachs, Bank of America's United States Trust Corporation, UBS Wealth Management, and HSBC Private Bank.
Its private banking services are divided between high net worth clients and Law Firm groups, which focus on servicing the needs of high net worth individuals and law firms and their lawyers. Formerly part of Global Wealth Management, Citi Private Bank is now part of Citi's Institutional Clients Group. Therefore, Citi Private Bank clients are treated as institutional investors rather than consumer banking clients. The Citi Private Bank's Investment Solutions group provides investment advisory services to the bank's clients. Its Capital Markets group provides clients services in fixed income, equities, and foreign exchange, among other areas.
As of June 2009, Jane Fraser is the Chief Executive Officer and Deepak Sharma the Chairman of Citi Private Bank.
Famous quotes containing the words private and/or bank:
“I am engaged to Concord and my own private pursuits by 10,000 ties, and it would be suicide to rend them.”
—Henry David Thoreau (1817–1862)
“People get a bad impression of it by continually trying to treat it as if it was a bank clerk, who ought to be on time on Tuesday next, instead of philosophically seeing it as a painter, who may do anything so long as you don’t try to predict what.”
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