Citigroup says private bank chief set to depart

[NEW YORK] Citigroup said Peter Charrington, global head of private banking, will depart to spend more time with family and pursue new opportunities.

Mr Charrington, a 26-year veteran of the bank, will "assist in ensuring a smooth transition" before his departure, Paco Ybarra, head of the institutional clients group, said in a memo to employees. A spokesperson for the bank confirmed the contents of the memo.

Citigroup has been focused on expanding its private bank, which offers wealthy families everything from estate planning and portfolio management to aircraft financing and art advisory. Mr Charrington has been at the helm since 2014.

Revenue from the business climbed 9 per cent to US$2.84 billion in the first nine months of the year. The unit has roughly US$500 billion in total client business, and customers in more than 100 countries.

BLOOMBERG