Last week, Citi announced a global reorganization of its management structure across business divisions and geographies. Moving forward, the structure will include five divisions at the top (services, markets, banking, wealth management and US personal banking) alongside two geographies (North America and international).
The wealth management business in Asia will continue to operate out of the Hong Kong and Singapore hubs, led by Vicky Kong as head of wealth for North Asia and Australia as well as Shyam Sambamurthy as head of wealth for South Asia, sources told finews.asia. The two will functionally report to Andy Sieg, who will become Citi’s head of wealth on September 27.
After the reorganization, there will be seven geographical clusters, including three in Asia. They are Latin America, Europe, UK, the Middle East and Africa, South Asia, North Asia and Australia as well as Japan.
Geographically, Kong reports to ex-global wealth head Angel Ng, who has been renamed as head of North Asia and Australia cluster and banking head. Sambamurthy reports to South Asia cluster and banking head Amol Gupte. The Japan cluster will be led by Marc Luet.
Ng, Gupte and Luet report to head of international Ernesto Torres Cantú. Former APAC head Peter Babej will become interim head of banking until his retirement in 2024.
When contacted, a spokesperson for the bank confirmed the changes.