Citigroup’s chief investment officer for its wealth division, David Bailin, is leaving the bank after 15 years.
Bailin, a frequent commentator in the financial media who led Citigroup’s advice to its wealthiest clients, will leave the bank May 15, he said in a LinkedIn post. He added that he’s looking forward “to publishing independent market commentary and insights.”
Steven Wieting, chief investment strategist and chief economist for Citigroup’s wealth division, will replace Bailin on an interim basis, according to a spokesperson for the New York-based bank.
Bailin’s departure comes as Citigroup is pushing to improve returns in its wealth division, which is facing stiff competition from the likes of JPMorgan Chase & Co. and Morgan Stanley and has seen lackluster results in recent quarters. Last quarter, wealth revenue fell by 4% from a year earlier.
Last year, CEO Jane Fraser hired Andy Sieg to push for an overhaul of the division. Most recently, Sieg brought on board a former Bank of America Corp. colleague, Don Plaus, to run Citigroup’s private bank in North America.
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