NEW YORK - Citigroup on Tuesday formally named Peter K. Scaturro chief executive officer of its private bank.
Mr. Scaturro has been the interim head of the business since April, when he succeeded Todd Thomson, who was promoted to chief financial officer of the banking company. In a statement, Sanford I. Weill, chairman and chief executive officer of Citigroup, said Mr. Scaturro "has brought fresh thinking and strategic insights" to the private bank.
The company's second-quarter private banking profits rose 11%. This year Citigroup has hired 85 more private bankers in a bid to generate more revenues by boosting sales in the affluent market segment. The group is part of Citi's global investment management and private banking group, which is run by Thomas W. Jones.
Mr. Scaturro joined Citi in the fall as head of U.S. private banking. He previously worked at Bankers Trust Co. as head of U.S. private banking. Bankers Trust was acquired by Deutsche Bank AG of Frankfurt last June.