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Friday, February 23, 2024

Citi’s Mark Mills to Depart After 23 Years in Newest Wealth Exit

(Bloomberg) — Citigroup Inc.’s Mark Mills is departing the Wall Avenue big’s burgeoning wealth enterprise, the most recent in a sequence of management adjustments for the division. 

Mills most lately led the agency’s funding advisory enterprise for the UK, Europe, Center East and Africa, in line with a memo to workers seen by Bloomberg. He’s departing the New York-based agency to pursue different alternatives. 

Mills was changed by Jonathan Leach, in line with the memo. Leach was beforehand deputy head of Citigroup’s funding administration division after earlier serving as head of investments for North America, the memo stated.  

“We’re grateful for Mark’s glorious management,” Ida Liu, international head of Citigroup’s non-public financial institution stated within the memo on Monday. “We’ll work collectively to make sure a seamless transition.”

A Citigroup consultant declined to remark.

Underneath Chief Government Officer Jane Fraser, Citigroup has been overhauling its wealth administration operations as a part of her bid to spice up returns on the firm. To that finish, Fraser employed Financial institution of America Corp.’s Andy Sieg earlier this yr to remake the agency’s international wealth administration division. 

Mills departure is a part of a wave of current exits from the enterprise. Luigi Pigorni, who has led non-public banking throughout Europe, the Center East and Africa for Citigroup, in addition to Eduardo Martinez Campos, who was head of wealth companies, have additionally introduced their departures from the Wall Avenue big in current months. 

Mills joined Citigroup in 2000 shortly after graduating from England’s College of Studying, in line with his LinkedIn profile. He rose up the ranks of the non-public financial institution within the Gulf area and was appointed to his most up-to-date position in London in 2021.

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