December 9, 2023

Citigroup has yet to see big payoffs from its decision Emphasis on wealth management business That comes as the bank winds down its consumer banking operations in 14 markets across Europe, Asia and the rest of the world.

Cit’s global wealth management unit reported on Friday that second-quarter revenue fell 5% year over year to $1.8 billion. The decrease in investment expenses and the increase in interest on deposits led to a decline in performance, the company said in a press release.

The firm’s headcount of wealth managers — which include bankers, financial client advisors, relationship managers and investment advisors — also fell slightly. The company reported 2,839 employees with those job descriptions in the second quarter, down from 2,875 in the first quarter and 2,866 in the fourth quarter.

Citigroup Chief Financial Officer Mark Mason said the company progress on its plan Move clients from retail banking to wealth management. As of May, Citi Wealth Management had received 25,000 such referrals, up 18% from a year earlier, he said.

“While there is clearly more work to be done on the wealth side, we see good momentum in the underlying drivers,” Mason said.

read more: Pathstone Acquires $17B RIA Veritable for Over $294M

Citi announced last August that it would further strengthen its wealth management ambitions Plan to hire 500 consultants Working wealth unit.The company also brings back Wealth Management Heavyweights Andy Sieg to lead its global wealth division In September, Seeger had spent 13 years at Merrill Lynch, the wealth management arm of Bank of America.

Citigroup reported its second-quarter results on the same day that two of its rivals reported mixed second-quarter results. Strong Growth at JPMorgan from its wealth management division, while Wells Fargo’s Wealth Division Poor performance.

For highlights from Citi’s second-quarter results, scroll down. For the first quarter data, Click here.