(Bloomberg) — Citigroup Inc. stated Luigi Pigorini, a prime government within the agency’s private-bank and wealth-management operations, is planning to depart, the newest in a sequence of management adjustments for the burgeoning enterprise.
Pigorini, who has led the agency’s wealth choices throughout Europe, the Center East and Africa, will retain obligations till his departure in early 2024, based on a memo to employees seen by Bloomberg Information. His departure comes as Citigroup prepares to herald Andy Sieg, a longtime Financial institution of America Corp. government, to run the agency’s wealth enterprise globally beginning this month.
“We’re grateful for Luigi’s partnership and the management he has demonstrated,” David Livingstone, who leads Citigroup’s enterprise throughout EMEA, and Jim O’Donnell, the outgoing head of the wealth division, stated within the memo. “We are going to talk the transition of those obligations in the end.”
As a part of Chief Government Officer Jane Fraser’s push to spice up earnings, Citigroup has sought to increase choices for the world’s wealthy in recent times. However these efforts have been hindered by risky markets, which have sapped income.
Citigroup reported $1.8 billion in wealth administration income for the second quarter, a 5% decline from the identical interval a 12 months earlier.
Pigorini, who will flip 62 this month, first joined Citigroup in New York in 1984 and had stints working within the agency’s leveraged finance, company banking and funding banking divisions. He was in the end appointed chief government officer of Citigroup’s non-public financial institution for the EMEA area in 2010 earlier than taking up obligations for the financial institution’s expanded wealth operations throughout the pandemic.
The Monetary Occasions earlier Pigorini’s departure.
