Boston, MA 09/09/2014 (wallstreetpr) – Citigroup Inc (NYSE:C)’s international private banking venture is set to get its new head. The company announced on Monday that Peter Charrington shall be named as the head of aforementioned business.
Who is Peter Charrington?
Peter Charrington is a veteran who became a part of Citigroup family in the year 1994 when he joined Citi Private Bank.
In the year 2009, he became the COO (chief operating officer) for Citigroup’s North American business. He succeeded Mark Mason.
In July 2014, Citigroup Inc (NYSE:C) reported that Jeff Bailey retired from Citigroup’s Institutional Clients Group post of chief financial officer. Peter Charrington was promoted to this position.
The older position of Mr. Charrington shall remain vacant until and unless Citigroup names his successor.
Private Bank Ultra-Luxurious Venture of Citigroup
Ever since Smith Barney was sold to Morgan Stanley (NYSE:MS) in the year 2009, the private bank business of Citi directed its entire attention towards ultra luxurious, viz. high net worth customers with the net worth of $25 million and more.
The private bank business of Citigroup Inc (NYSE:C) houses 450 bankers across the length and breadth of the world now. Out of these, 170 employees belong to North America and they handle $310 billion in terms of client assets, in all.
Peter Charrington’s Agenda
Mr. Charrington’s agenda shall be to take forward Mason’s initiatives. Among his priority list, a few initiatives will include to reinforce the investment adviser foundation of Citigroup Inc (NYSE:C) across the globe. He will also focus on launching realty-based projects such as real estate investment, which shall be in line of previous Citi project that was done and planned for Manhattan super-skyscraper.
The 432 Park Avenue of Manhattan allowed the private bank business to flourish as it allowed Citigroup Inc (NYSE:C) to mint around $400 million in terms of client investments for their luxury condos. 432 Park Avenue, as planned by Citigroup, shall be the tallest housing building of The States.
