Over the next three years, Citigroup (NYSE:C) aims to hire 500 individuals for its new wealth division, according to a Tuesday report from Bloomberg.
In the hopes that their income will increase and enable them to reach ultra-wealthy status, the unit, Wealth at Work, is attempting to draw in junior staff from private equity offices, accountancy companies, and consultancies.
In charge of Wealth at Work’s growth, Naz Vahid told Bloomberg in an interview that she intends to expand the private bank’s Law Firm Group’s business model into other industries.
Vahid served as the group’s leader, and it currently has 50,000 attorneys and 1,000 firms as clients.
Revenue from wealth management for Citi (NYSE:C) fell to $1.91 billion in Q2 from $1.92 billion in Q1 and was nearly unchanged compared to Q2 2021.
The revenue for Wealth at Work in the second quarter was $170 million, down from $183 million in the first quarter to $171 million in the second quarter of 2021.
After Treasury and Trade helped Citi’s Q2 profits surpassed Wall Street consensus last month, the company’s stock soared.
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