Citi Private Bank Names Deepak Sharma Chairman
Citigroup named Jane Fraser chief executive and Deepak Sharma chairman of Citi Private Bank, which provides investing, banking, lending and wealth advice to wealthy clients.
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.
Fraser, currently global head of strategy and mergers and acquisitions and a member of Citi's senior leadership committee, will start her new role in early June. During the transition period, she will continue to manage her current organization and complete several transactions for Citi Holdings.
"Jane's invaluable strategic and business management prowess will no doubt be a terrific complement to Deepak's senior leadership of the wealth management business," said John Havens, the bank's head of corporate and investment banking.
Fraser joined Citi in 2004 as the head of client strategy and management for the global banking division. Before that, she was a partner at McKinsey & Co. in London and New York for 10 years.
Sharma most recently served as chief executive of Citi Global Wealth Management International and is also a member of Citi's senior leadership committee.
His 32-year career at Citi has included management positions in operations and technology, treasury, strategic planning, electronic banking, Citi Private Bank and investment management. He has worked in India, South Korea, Saudi Arabia, the US and Switzerland.
-By Kathy Shwiff, kathy.shwiff@dowjones.com
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