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The global head of the Citigroup Private Banking Department and one of its highest executive directories leaves the company, which is a potential blow to the Plan of Executive Director Jane Fraser to develop their wealth department.
Ida Liu announced her departure to Linkedin on Monday morning, but did not say where he was going. Her decision followed after a series of other departures of older women in the bank.
“Great careers are defined by accepting new challenges and opportunities, and this is the right time for me to use my global expertise, leader experience and passion for growth in brave and exciting new ways,” Liu wrote.
Citi did not return the request for comment on Liu’s departure.
Liu’s outing will reduce the limited number of high -ranking female executives on Citi’s organizational chart below the fraser. Although she was not in Citi’s executive control team, Liu, along with the Tasna Ghiawadwal, which runs Citi’s commercial bank, was among only a few leading women there.
A little over a year ago, Citigroup was reorganized in five large business units, all of which were led by men. Fraser’s Executive Board of 18 members includes only two executives Fraser.
Liua’s departure follows the departure of other high -ranking Citi’s executives, including Titi Cole, who was Citi’s global restructuring presenter and left in May, and Karen Peetz, who was the Citi’s Main Operational Director and left in 2023. Cole replaced Tim Ryan, former CEO of PWC, which is also Citi’s chief of technology. Peetza was replaced by Anand Selva, who was the head of Citi’s consumer department.
Departure also comes at the moment when Citi puts a new emphasis on its distribution of wealth. Liu, a former Deutsche Bank investment banker, left Wall Street at the beginning of her career to become a fashion director. A few years later, she returned to Cita, using her contacts to attract rich clients in the world of fashion, media and fun.
In 2019, the Bank appointed Liua Head of its North American private bank, and two years later the head of the department at the global level.
Liu signed up for Andy Siego, who was brought in a year and a half ago to reverse Citi’s stumbles of wealth. Sieg emphasized the management of assets and reversed the way he reads his private bankers – rewarding them to bring the client’s assets, not by transaction, because private bankers are usually paid.
Sieg’s changes in the division improved the results, but several departures in the senior rank were accompanied. The revenue of Citi’s wealth department was more than doubled last year at more than $ 1 billion, which is the biggest profit since the bank began to publish the results of the unit three years ago.
Last year “was a turning point for wealth because we sharpened our focus on investments, the correct size of the cost base and improved the client’s experience,” Fraser told analysts on a telephone call for the fourth quarter of the company, praising Siego. “We see a great advantage here.”
