Citigroup Private Bank
Encyclopedia
Citi Private Bank provides personalized wealth management services
for ultra-high-net-worth clients who include many entrepreneur
s and senior corporate executives. It has 60 offices in 23 countries. To be eligible for an Citi Private Bank account, the minimum net worth is $25 million USD. This requirement is waived for Law Firm clients and qualified HNW clients with at least $10 million net worth. Citi Private Bank's major competitors are JP Morgan Chase Private Bank, Goldman Sachs
, Bank of America
's United States Trust Corporation, UBS Wealth Management, and HSBC Private Bank
.
Its private banking
services are divided between high net worth clients and Law Firm groups, which focus on servicing the needs of high net worth individuals and law firm
s and their lawyers. Formerly part of Global Wealth Management, Citi Private Bank is now part of Citi's Institutional Clients Group. Therefore, Citi Private Bank clients are treated as institutional investors rather than consumer banking clients. The Citi Private Bank's Investment Solutions group provides investment advisory services to the bank's clients. Its Capital Markets group provides clients services in fixed income
, equities, and foreign exchange
, among other areas.
As of June of 2009, Jane Fraser is the Chief Executive Officer and Deepak Sharma the Chairman of Citi Private Bank.
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
for ultra-high-net-worth clients who include many entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
s and senior corporate executives. It has 60 offices in 23 countries. To be eligible for an Citi Private Bank account, the minimum net worth is $25 million USD. This requirement is waived for Law Firm clients and qualified HNW clients with at least $10 million net worth. Citi Private Bank's major competitors are JP Morgan Chase Private Bank, Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
's United States Trust Corporation, UBS Wealth Management, and HSBC Private Bank
HSBC Private Bank
HSBC Private Bank is the principal private banking business of the HSBC Group. The HSBC Private Banking Group's holding company is HSBC Private Banking Holdings S.A....
.
Its private banking
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
services are divided between high net worth clients and Law Firm groups, which focus on servicing the needs of high net worth individuals and law firm
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
s and their lawyers. Formerly part of Global Wealth Management, Citi Private Bank is now part of Citi's Institutional Clients Group. Therefore, Citi Private Bank clients are treated as institutional investors rather than consumer banking clients. The Citi Private Bank's Investment Solutions group provides investment advisory services to the bank's clients. Its Capital Markets group provides clients services in fixed income
Fixed income
Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....
, equities, and foreign exchange
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
, among other areas.
As of June of 2009, Jane Fraser is the Chief Executive Officer and Deepak Sharma the Chairman of Citi Private Bank.