Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.

In addition to her work as global head of Citigroup's Citi Private Bank, Liu also co-leads the bank's Asian affinity network.

More than half of investment firms for the world's superrich seek opportunistic direct deals based on attractive valuations, Citigroup found in a survey of 268 family offices representing $565 billion in net worth.

After an aborted attempt to set up its own bank, Edward Jones is joining forces with Citi to provide savings and checking accounts for clients.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

As fintechs struggle, the bank is introducing a line of credit and plans new installment lending products shortly after launching its buy now/pay later product on Amazon Pay.

Amazon Pay — which provides one-click checkout on thousands of e-commerce sites — has added support for Citi Flex Pay, Citigroup's point-of-sale credit card loans, as competition for buy now/pay later customers expands to digital wallets.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

In a sudden shift, Merrill's leader of the past six years is heading back to rival Citi, where he will be head of global wealth and drive its expansion.