McWhinney gets what's left over after Smith Barney goes to Morgan Stanley. Citigroup has put former Schwab executive Deborah Doyle McWhinney in charge of what's left of its wealth-management business as its retail brokerage Smith Barney heads into a joint venture with Morgan Stanley's private-client businesses.

This leaves McWhinney to lead Citi's retail-bank-based financial advisors and a clutch of financial-planning and wealth-management programs that support them.

Jane Fraser, now Citi's chief M&A strategist, has been tapped to manage Citi Private Bank, with Deepak Sharma, most recently head of Citi's non-U.S. wealth-management operations, as its chairman, according to a report by Dow Jones.

Powerful brand

"We're delighted to have Debby join us," says Terri Dial, head of Citi consumer banking in North America. "She is an industry leader, innovator and customer advocate."

McWhinney stepped down as president of Schwab's RIA custody division Schwab Institutional in 2007. She popped up last year as a member of the board of directors for RIA aggregator Focus Financial Partners.

"Citibank is one of the most powerful brands in the world with exceptional branch financial professionals," says McWhinney. "This combination will allow us to provide Citibank customers, including many business professionals and entrepreneurs, with superior service and innovative products to help achieve their financial goals."

Citi has about 200 million customer accounts and does business in more than 140 countries. -FWR

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