In another indicator of growth in the US, Citi Private Bank has added two new private bankers to its San Francisco office.
Mark Immel joins the branch as managing director, while Sandra Penner steps in as director. Immel has over 20 years of experience in the financial services industry and was most recently senior vice president and private client advisor at US Trust, Bank of America Private Wealth Management. Penner also joins from US Trust, where she was senior vice president and private client manager.
Citi North America chief executive officer Peter Charrington said the hires demosntrate the firm's commitment to expand its West Coast franchise, with particular focus on the area's ultra high net worth clients in the Bay Area. As reported by this publication last month, the bank intends to significantly boost headcount among advisors for its ultra high net worth arm.
At least 100 new private bankers are to be hired over the next few years, bringing the private bank’s UHNW group, which targets investors with a net worth of at least $25 million, up to 230 to 250 bankers from its current total of 130, Charrington told this publication last month.
(To view the Charrington interview, click here).