Citi Adds Wealth Unit Investment Chief

Published October 26, 2007, 1:00 a.m. EDT

Updated October 25, 2007, 2:32 p.m. EDT

1 Min Read

Citigroup Inc. said it had hired Jeffrey Applegate to be the chief investment officer for its global wealth management unit.

Processing Content

Mr. Applegate is to oversee investment strategy for Citi Global Management, which comprises the Citi Smith Barney brokerage, Citi Private Bank, and Citi Investment Research, the company announced Wednesday. He succeeds Paul Guidone, who left the company in early April.

Mr. Applegate was the chief investment officer for global equity, fixed-income, real estate, and alternative investments at Franklin Resources Inc's Franklin Templeton unit.

MORE FROM AMERICAN BANKER

Industry News

Bankruptcy filings were up 11.9% in last 12 months

Bankruptcy filings rose 11.9% during the past 12 months, according to statistics from the Administrative Office of the U.S. Courts; JPMorganChase named Jerry Lee and Nick Richitt as global co-heads of health care investment banking; Goldman Sachs appointed Akila Raman as global head of its private and alternatives capital markets business; and more in this week's banking news roundup.

By Traci Parks
Copy editor, American Banker

April 24
M&A

Adyen to buy German loyalty platform in first-ever acquisition

The all-cash, 750 million euro deal to buy Talon.One marks a notable shift from the fintech's M&A strategy that has historically favored build versus buy.

By Joey Pizzolato
Reporter

April 24
Earnings

Flagstar pares back earnings outlook amid elevated CRE payoffs

The Long Island-based regional bank, which has been in turnaround mode for two years, reduced its earnings per share guidance for 2026 and 2027. It cited an expected decrease in net interest income due to higher levels of payoffs and paydowns in commercial real estate.

By Allissa Kline
Reporter

April 24
Regulation and compliance

Regulators reduce leverage ratio for community banks

The Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency Thursday finalized a rule lowering the community bank leverage ratio from 9% to 8% as well as extending compliance deadlines.

By Ebrima Santos Sanneh
Reporter

April 24
Trump administration

Justice Department to drop Powell investigation

U.S. Attorney for the District of Columbia Jeanine Pirro said in a social media post Friday morning that the Justice Department is closing its investigation into Federal Reserve Chair Jerome Powell, clearing a path for Kevin Warsh to be confirmed as Powell's replacement.

By Claire Williams
Reporter

April 24
Artificial intelligence

Bankers say they're AI fluent, but measurement is 'ad hoc'

Only 16% of 206 banking pros rated their institution "high" or "very high" — and most of those ratings rest on no formal measurement.

By Carter Pape
Technology Reporter

April 24