Investment bank and financial services corporation, Citigroup Inc. is planning to hire nearly 500-person over the next three years.
The hiring will be for its new wealth division. As the company is on a hiring spree, Citigroup will be catering to junior employees at private equity offices, consultancies, and accounting firms, betting those clients will someday join the ranks of the ultra-wealthy.
Naz Vahid, Managing Director, and Global Head, Citi Global Wealth said, “We understand bonus payout structures, changes in income when our clients go from associates to partners, unique retirement needs.”
“We know when they’re likely to buy a house when they’re likely to begin planning for college and more. We know the career life cycle”, Naz Vahid added.
Naz Vahid further said, “We understand bonus payout structures, changes in income when our clients go from associates to partners, unique retirement needs.”
She said, “We know when they’re likely to buy a house when they’re likely to begin planning for college and more. We know the career life cycle. We acquire clients when they have more debt than money. We get them when they’re early in their careers when they’re not yet wealth clients and they’re extremely busy individuals. We get them young and we keep them.”
The bank started the unit which is known as Wealth at Work last year. The longtime private-banking executive Naz Vahid to oversee its development. She has spent years leading the private bank’s law-firm group, which counts 50,000 lawyers and 1,000 firms as clients.
Vahid’s division is a key component of Chief Executive Officer Jane Fraser’s plans to remake Citigroup into a wealth-management powerhouse. The business generated $353 million in revenue in the first six months of the year — a 3% jump from a year earlier — and was the only one of Citigroup’s wealth operations that posted an increase for the period.
WEALTH at work is leading financial well-being and retirement specialist – helping those in the workplace to improve their financial future. It works with hundreds of organizations across both the private and public sectors by offering financial education, guidance, and regulated financial advice.
