Citigroup (NYSE:C) is growing its wealth management business with plans to hire 300 brokers and personal bankers over the next two years.
The New York bank also has hired John Cummings, a former Merrill Lynch executive, as chief operating officer for Citigold Wealth Management and ex-PNC Financial Services (PNC) executive Frank Consalo as head of field management for its personal wealth management, Reuters reported Tuesday. Citigroup is aiming to have roughly 800 brokers and personal bankers by 2014, Reuters reported.
Citigold is offered as a high-end checking account that gives customers discounts, waived fees and higher rates and is a way for Citigroup to sell more investment services through its branches. Citigold in the U.S. currently has roughly $20 billion in investment assets and $100 billion in client balances, Reuters reported.
Citigroup's rivals also have been bulking up their wealth management businesses by hiring more advisers, expanding services to reach the mass affluent and catering more to the wealthy.