By Tatiana Bautzer
NEW YORK(Reuters) - Citigroup hired Richard Weintraub from UBS to head its wealth management group catering to family offices in the Americas, according to a memo seen by Reuters.
Weintraub previously served the biggest family office clients at UBS, the world's largest wealth manager. Before that, he worked at Goldman Sachs (NYSE:GS).
The executive will join Citi on May 7, according to a memo from Ida Liu, global head of Citi's private bank, and Hannes Hofmann, who leads its worldwide family office group. Weintraub will report to Hofmann.
Wealth management is a key growth area for Citigroup as its CEO Jane Fraser aims to boost profits and carries out the company's biggest reorganization in decades.
Fraser hired Andy Sieg from Bank of America (NYSE:BAC) last year to lead the wealth effort. Next month, former Merrill Lynch executive Don Plaus will join Citi to lead the private bank in North America.