Steve Bodurtha is joining Citi Private Bank as managing director and head of investments for North America. In this role, he will be responsible for managing the investments platform for Citi Private Bank across the US and Canada.

Mr Bodurtha will report to both Peter Charrington, chief executive of Citi Private Bank in North America and Shantanu Rastogi, global head of investments, the US bank said in a statement.

Mr Bodurtha joins from Bank of America Merrill Lynch where for many years he was head of investment products for Merrill Lynch Wealth Management. These included alternative investments, structured products, stocks, bonds, mutual funds, annuities, insurance, wealth management models, portfolio analytics and due diligence. Most recently, he was head of institutional retirement, philanthropy and investments.

There have been a number of senior moves at the bank in recent months. Earlier this year, for example, Peter Charrington was made head of the private bank in North America, transferring from the UK.In April, Citi named Jane Fraser as the new chief executive of its private banking unit.