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Search resuls for: "ANDY SIEG"


9 mentions found


☆ Citigroup bets on ex-BofA exec Andy Sieg's connections to revamp wealth unit
  + stars: | 2023-04-14 | by ( Lananh Nguyen Saeed Azhar | Lananh Nguyen | Saeed Azhar | ) www.reuters.com   time to read: +4 min
That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.
☆ Citigroup bets on ex-Bank of America executive Andy Sieg's connections to revamp wealth unit
  + stars: | 2023-04-14 | by ( Lananh Nguyen Saeed Azhar | Lananh Nguyen | Saeed Azhar | ) www.reuters.com   time to read: +4 min
That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.
☆ Citigroup hires BofA Merrill's head Andy Sieg to lead wealth unit
  + stars: | 2023-03-31 | by ( Lananh Nguyen Jaiveersingh Shekhawat | Lananh Nguyen | Jaiveersingh Shekhawat | ) www.reuters.com   time to read: +3 min
March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.
☆ Is Jamie Dimon the most powerful person in finance?
  + stars: | 2023-03-31 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. Carter's story got me thinking: Who's the most powerful person in finance? Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. Place your vote here — or name someone else — for who you think is the most powerful person in finance. The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.
☆ Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
  + stars: | 2023-03-30 | by ( Hayley Cuccinello | Rebecca Ungarino | ) www.businessinsider.com   time to read: +4 min
Merrill Lynch head Andy Sieg is leaving to lead rival Citi's wealth management business. Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The move was made after the wealth business had missed revenue targets, the Wall Street Journal reported. Citi CEO Jane Fraser described the wealth management unit's performance as "disappointing" on a call to discuss earnings in January.
☆ Bank of America's Andy Sieg is joining Citi as head of global wealth
  + stars: | 2023-03-30 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +1 min
Andy Sieg, a veteran of Merrill Lynch, is parting ways with Bank of America to join Citigroup . He will be the new head of Citi Global Wealth, reporting to Jane Fraser, the bank's CEO. Previously, Sieg was president of Merrill Lynch Wealth Management, a post he's held for six years. He was also a member of Bank of America's executive management team. Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management.
☆ Citi hires BofA Merrill's head Andy Sieg to lead wealth unit
  + stars: | 2023-03-30 | by ( Lananh Nguyen Jaiveersingh Shekhawat | Lananh Nguyen | Jaiveersingh Shekhawat | ) www.reuters.com   time to read: +1 min
March 30 (Reuters) - Citigroup Inc (C.N) on Thursday it has hired Andy Sieg to lead its global wealth arm from Bank of America Corp (BAC.N), where he led the Merrill Wealth management unit. Two years ago, Citigroup unified its various wealth businesses into a single wealth management organization, which was led by Jim O'Donnell and included the Citi Private Bank and Citi Personal Wealth Management. At its investor day last year, Fraser signaled the bank's intention to become a global leader in wealth management. Sieg's departure led to the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement. Sieg joined Merrill Lynch in 1992 and had served as Merrill president since 2017.
☆ Overwhelming workloads, back-to-office complaints, and frustrations over pay: Why Merrill Lynch's support staff is leaving
  + stars: | 2022-10-26 | by ( Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com   time to read: +13 min
Less visible, though just as much the lifeblood of the firm, are Merrill's client associates. But we're not treated that way, and we're not stupid," an associate who recently left the firm said. "Our client associates are essential to the fabric of the firm, how we serve clients and grow," a company representative said. Yagyaev said client associates were "grossly underpaid" across the industry and their base should really be in the area of $80,000 to $90,000. An advisor who recently left Merrill and worked with CAs said some were leaving for raises of about $30,000 to work at other banks.
☆ You have to be bullish in the medium to long term, says Merrill Wealth's Seig
  + stars: | 2022-10-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou have to be bullish in the medium to long term, says Merrill Wealth's SeigAndy Sieg, president at Merrill Wealth Management, joins CNBC's 'Squawk Box' to discuss the market's performance during the 1980s, what being an employee at a firm like Merill Wealth is like during market downturns and more.
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