Citigroup fell behind with rich customers. Can it win them back?

Andy Sieg. (Image: WSJ)

Wed, 07 Feb 2024

By Rachel Louise EnsignCitigroup’s wealth-management business raked in US$2 billion (NZ$3.2b) in profits in 2007, just before the financial crisis brought the bank to its knees. At the end of last year, it barely broke even.The collapse is one reason Citi’s stock is stuck in a deep slump, and CEO Jane Fraser is under pressure to boost profits. She is hoping to turn the unit around after recently poaching Andy Sieg from a job running Bank of America’s Merrill Wealth Management business.In an interview with the Wall Street Journ...

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