Citigroup yesterday initiated the wholesale restructuring of its Global Wealth Management unit in the US. Citi's Smith Barney brokerage unit, long considered a candidate for demerger, is instead to be combined with Citi's private bank under a single client-facing organisation, divided into four divisions serving different client segments – ultra high net worth, high net worth, emerging affluent and institutional service offerings. In an internal memo Sallie Krawcheck, Citi’s head of wealth management, described the change as one from a “silo-first” organisation to a “client-first” one. She said that many of the changes were long overdue and that having four separate customer segments would benefit Citi’s customers. A senior manager will lead each group and direct its strategy. “Those people, who will report to me, will be charged with living breathing, sleeping, thinking about their client base,” Ms Krawcheck said. Charlie Johnston, president of GWM for the US and Canada, will oversee Smith Barney and Private Bank's client-facing divisions, including financial advisors and private bankers. Divisional directors will continue to report directly to Mr Johnston while global market managers will continue to report into the Private Bank, as well as jointly to the divisional directors. Mr Johnston will continue to report to Ms Krawcheck in his new role. His team will include Kunal Kamlani, who will take on a new role as chief operating officer for their client-facing organisation and Kevin McManus, who will continue as director of Field Management. The GWM Ultra High Net Worth Client Segment will be headed by John Longley. He will continue to lead Citi Private Bank and will take on additional responsibility for the ultra high net worth client segment. His team will include: Mark Connolly, head of Lending; Dave Corley, chief operating officer; Rich Ditizio, head of the ultra high net worth Bankers; Dan FitzPatrick, head of Citi Trust; Lori Heinel, head of Investments; Deborah Larrison, head of Citi Capital Strategies; Kevin Morrison, head of Capital Markets; Ed Orazem, head of Citi Family Office; and Lester Pataki, head of the Law Firm Group. Bob Matthews has been appointed to a new role as head of Business Development with responsibility for sales, recruiting, training and marketing across GWM in the US. Under the new structure, Citi's product partners in the regions will continue to report into their respective product heads and will now also report to the divisional director for their area through a newly created position in each division - divisional development director. Lyn Hensle-Hirsch will continue to oversee recruiting and training and Barbara Glasser will continue to oversee marketing. Both will report to Mr Matthews. The GWM High Net Worth Client Segment will be headed by Craig Pfeiffer. In addition to the high net worth strategy, this role will include oversight of the retirement market initiative and banking services, as well as our wealth planning centres and client experience initiatives. He will continue to oversee the relationship with the Global Consumer Group. The GWM Emerging Affluent Client Segment will be headed by Andy Sieg, currently head of Financial Life Services. Mr Sieg will oversee the build-out of the service offering in the US and leverage Citi’s competitive advantages, including partnerships in Citibank locations. The firm has yet to appoint the head of GWM institutional client segment, who will oversee the unit's 401k, Corporate Client Group and Executive Financial Services businesses, among other business lines. Meanwhile, Paul Hatch will continue as head of GWM Investments and will now oversee all of the GWM Investment products and services businesses. He will bring together the investment research businesses and teams, including those under GWM chief investment Officer Jeff Applegate and global director of Citi Investment Research Andrew Pitt. This will centralise investment opportunities and ideas for advisors and bankers to bring to clients. Mark Mason will continue as chief financial officer and head of Strategy and Mergers and Acquisitions. Art Tildesley, head of Citi Investor Relations for the last four years, will join GWM as chief administrative officer. In his new role, Mr Tildesley will oversee: GWM Legal, led by Mike Sharp; GWM Compliance, led by Cindy Armine; GWM Operations & Technology, led by Sheree Stomberg; GWM Risk Management, led by Tom Schwartz; GWM Human Resources, led by Robin Leopold; GWM Corporate Affairs, led by Susan Thomson; and GWM Real Estate, led by Maria Benlian. Deepak Sharma will continue as chief executive officer of GWM International and oversee the GWM international businesses in Asia, LatAm and EMEA. He will also take on responsibility for Global Wealth Structuring and Structured Lending for the international regions. The reorganisation is a further move to reshape the US bank by new chief executive Vikram Pandit since taking over from Charles Prince. As head of the investment bank, Mr Pandit announced a major overhaul that split its trading division into distribution and origination groups and combined it with Citi’s alternative investments unit. It was renamed the institutional client group. Mr Pandit is still conducting business reviews.