People Moves

Citigroup Wealth Management Splits US Business, Makes Appointments

Contributing Editor 14 March 2006

Citigroup Wealth Management Splits US Business, Makes Appointments

Citigroup Global Wealth Management is spitting its Manhattan team into two groups and appointed Wayne Yang, the former head of the bank’s we...

Citigroup Global Wealth Management is spitting its Manhattan team into two groups and appointed Wayne Yang, the former head of the bank’s wealth management business in Australia, as head of one of the groups. An internal memo from Citigroup Wealth Management senior managing director Rich Ditizio to staff at the private bank said: “I am pleased to announce that Wayne Yang has been appointed global market manager of the Manhattan 1 team, reporting directly to me (Mr Ditizio). Wayne will co-head our Manhattan high net worth business, leading the Manhattan 1 team.” Mr Ditizio added that Citigroup recently decided to return “to the co-head structure” for the Manhattan business. A co-head for the Manhattan II team is currently being searched for, according to the memo. The bank said that in the meantime the group will be headed jointly by Paul Hubert and Mr Ditizio. Mr Yang’s departure from Australia was clouded in controversy. Appointed to his new post in Australia only last summer, Mr Yang was forced to resign in December after more than 200 Australian-based Citigroup staff threatened to walk out because of dissatisfaction over management practices. Todd Thomson, the head of Citigroup’s global wealth management business, ended up apologizing to staff in Australia over the incident. Despite the episode, Mr Yang appears to have survived intact and has been rewarded for his stalwart 15 years as a private banker with Citigroup.

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