Charrington to Lead Citigroup Unit
Citigroup named Peter Charrington as chief executive of Citi Private Bank's North American business, responsible for all private banking activities in the U.S. and Canada.
The struggling banking giant, which is in the middle of reorganizing itself, kept Citi Private Bank when it spun off its Smith Barney brokerage into a joint venture with Morgan Stanley in January.
Charrington currently is head of the Private Bank's businesses in the U.K., Israel and Monaco, based in London. He first joined Citi as a management associate in 1994 and became a private banker in 1997.
Citi Private Bank provides personalized wealth management services for clients with a net worth of at least $10 million. It operates in 31 countries and serves over 25,000 clients.
In the U.S. and Canada, the operations Charrington will be responsible for, the group serves about 10,000 clients.
"We look to Peter's leadership and guidance in making us the preferred private bank of the high net worth segment, enlarging our market share in the U.S. and Canada," said Jane Fraser, Chief Executive of Citi Private Bank.
Citi's shares were at $3.56, down 0.3%, in after-hours trading.
Write to Kathy Shwiff at kathy.shwiff@dowjones.com and John Kell at john.kell@dowjones.com
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