Citigroup to launch search for new wealth management chief

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(Reuters) -Citigroup Inc will launch a search for a new global wealth management chief, according to a memo seen by Reuters on Wednesday, as the unit grapples with volatile markets and recession fears that have pressured revenue.

Incumbent Jim O'Donnell will become a vice chairman of the bank and the head of senior client engagement, Chief Executive Officer Jane Fraser wrote in the memo.

O'Donnell had taken over the role after Citigroup (NYSE:C) combined its wealth management teams in global consumer banking and the institutional clients group into one unit two years back as part of a restructuring under Fraser.

Citigroup, the most global of U.S. banks, has lagged behind rivals in profitability and valuations, which Fraser has sought to remedy by streamlining operations and exiting lower-margin consumer businesses in overseas markets.

In his new role, O'Donnell will partner with senior leaders across Citi and expand their work with sovereign wealth funds, private equity firms, and other financial institutions. He will also lead the business during the transition period, according to the memo.

Fraser also named Sunil Garg the North America CEO in addition to his current position as CEO of Citibank N.A.

Garg will oversee the United States and Canada markets, and report to Fraser.

Citi is expected to post a lower profit of $1.15 a share for the three months ended Dec. 31, from $1.46 a year ago, according to Refinitiv data. It is due to report results on Friday.