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The head of Citigroup’s private banking arm, an influential figure in the company and one of its top female leaders, is set to step down. This move might impact CEO Jane Fraser’s strategy to strengthen the firm’s wealth division.
On Monday morning, Ida Liu took to LinkedIn to share her decision but left everyone wondering about her next career move. Her exit adds to a growing list of female executives leaving the bank.
“Exceptional careers thrive on new challenges and opportunities. It’s the perfect time for me to channel my global know-how and enthusiasm for leadership into fresh, bold directions,” Liu mentioned in her post.
Citigroup did not respond when asked for a comment on Liu’s resignation.
With Liu moving on, the pool of high-ranking women just below Fraser in Citigroup’s hierarchy becomes even smaller. Although Liu wasn’t part of the executive management team, she was a standout leader alongside Tasnim Ghiawadwala, who leads Citi’s commercial banking unit.
Back in the day, Citigroup reshuffled its operations into five major business segments, all of which are managed by men. Within Fraser’s 18-member executive team, she counts only two other women besides herself.
Liu’s departure is the latest in a wave, following in the footsteps of other top women like Titi Cole, who moved on in May from her role as global head of restructuring, and Karen Peetz, the former chief operating officer who left earlier in 2023. Tim Ryan, an ex-PwC executive, has since replaced Cole, taking charge of technology at Citi as well. Peetz’s role was filled by Anand Selva, previously heading Citi’s consumer division.
Liu’s exit comes just as Citigroup is placing renewed importance on its wealth division. A former investment banker at Deutsche Bank, Liu had once stepped away from Wall Street to pursue a career in fashion. She eventually returned to Citi, using her industry connections to attract affluent clients from fashion, media, and entertainment sectors.
In 2019, Liu rose to lead Citi’s North American private banking, and two years after that, she took on the global role.
Andy Sieg, who was enlisted about a year and a half ago to rejuvenate Citi’s wealth division, was Liu’s direct report. Sieg has prioritized asset management and revamped the compensation structure for Citi’s private bankers, rewarding them more for securing client assets than individual transactions.
Under Sieg’s leadership, the division has seen positive changes, although it has also experienced several leadership reshuffles. Last year, income from Citi’s wealth division more than doubled, surpassing $1 billion — marking its highest profit since the unit’s performance stats began to be split out.
According to Fraser’s remarks during the fourth-quarter earnings call, last year marked a pivotal moment for Citi’s wealth division. She commended Sieg for steering the focus toward investments, optimizing expenses, and enhancing the client experience, highlighting potential for further growth.
