Citigroup Inc (NYSE:C). disclosed on Wednesday that Luigi Pigorini, a leading figure in the firm’s private bank and wealth management operations, is preparing to leave the company. This move is part of a series of leadership changes in the growing business sector.
Pigorini, who oversees the company's wealth services across Europe, the Middle East, and Africa, will continue to fulfill his duties until his departure in early 2024, according to an internal memo viewed by Bloomberg News. His exit coincides with Citigroup's plan to bring Andy Sieg, a veteran Bank of America Corp (NYSE:BAC). executive, onboard to lead the firm’s global wealth business starting this month.
"We are grateful for Luigi’s partnership and the leadership he has demonstrated,” said David Livingstone, who heads Citigroup’s business across EMEA, and Jim O’Donnell, the outgoing head of the wealth division, in the memo. The transition of responsibilities will be communicated in due course, they added.
This change comes amidst CEO Jane Fraser's efforts to increase profits by expanding offerings for high-net-worth individuals globally. However, these initiatives have been challenged by fluctuating markets that have drained revenue. In the second quarter, Citigroup reported a 5% decline in wealth management revenue from the same period last year, amounting to $1.8 billion.
Pigorini, who will turn 62 this month, initiated his career at Citigroup in New York in 1984. He served in various roles within the firm’s leveraged finance, corporate banking, and investment banking divisions. He was appointed as CEO of Citigroup’s private bank for the EMEA region in 2010 before assuming responsibility for the bank’s expanded wealth operations during the pandemic.
The news of Pigorini's departure was first reported by The Financial Times.
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