Citi’s new global wealth head sees Asia as ‘top priority’

ON THE heels of a major restructuring on the group level and divestiture of consumer banking operations in parts of Asia, Citigroup is intensifying its focus on wealth management in the region, which has been identified as a key growth pillar.

Andy Sieg, who joined Citi in September as head of Citi Global Wealth, is confident that near-term stressors, including higher interest rates and ongoing tensions between the US and China, are speed bumps in the long-term secular growth path for wealth management.

“The epicentre of global wealth creation is Asia, so (the region) is the top priority for our wealth management business... Our chief executive Jane Fraser is looking to me to help make sure that all the different parts of our business in Asia work together, so that we can serve clients better than any bank in the world...