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Citi reels in more talent from U.S. Trust

For the third time this week, Citi said that it has signed talent from U.S. Trust Bank of America Private Wealth Management, the wealth management arm of Bank of America Corp.

Chalk yet another one up for Citi Private Bank.
Today, for the third time this week, Citi said that it has hired talent from U.S. Trust Bank of America Private Wealth Management, the wealth management arm of Bank of America Corp.
Richard Stasand joins as managing director and ultrahigh-net-worth private banker, and Christopher Caruso will be director and investment counselor, both at Citi Private Bank’s Orange County, California, office.
“We are firmly committed to significantly growing our franchise in Orange County to serve ultrahigh-net-worth families and family offices,” Halé Behzadi, region head for Citi Private Bank in Southern California and Arizona, wrote in a press release.
Citi’s policy is to not disclose the assets involved, Mark Costiglio, a spokesman for Citi, wrote in an e-mail.
Mr. Stasand spent 18 years with U.S. Trust, most recently as managing director and private-client adviser in Orange County. He will report to Ms. Behzadi. Mr. Caruso, who had been with U.S. Trust since 2007, will report to Erik Ridgley, Western region head of investments for Citi Private Bank.
This week, Citi said it hired Charles Merrill, former head of U.S. Trust’s New York region, as managing director and New York regional executive. And on Monday, Citi said it hired Daniel Williams from U.S. Trust as a managing director and private banker based in Manhattan.
The moves speak to unrest within U.S. Trust as the private bank works to find its place within the BofA behemoth, suggested Danny Sarch, president of Leitner Sarch Consultants Ltd.
The defections may also reflect a tug of war between Sallie Krawcheck’s current and former employers, Mr. Sarch said. Ms. Krawcheck, president of Bank of America’s global wealth and investment management division, used to run wealth management at Citi, and she has also recruited a number of different people from Citi.
“It’s a combination of U.S. Trust folks’ wondering about their future and a sort of “You stick it to me, I’ll stick it to you” dynamic between Citi and Merrill,” Mr. Sarch said. “It’s not unusual for these firms to get into a competition for good people.”
Lauren Sambrotto, a spokeswoman for U.S. Trust, said that the firm continues to see “great enthusiasm by top talent to join U.S. Trust to serve clients on our platform.”