UPDATE 1-Citi wealth division's CIO Bailin to depart after 15 years [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
April 15 (Reuters) - Citigroup's David Bailin, chief investment officer (CIO) at the global wealth division, will leave on May 15 after 15 years at the bank, he said in a LinkedIn post on Monday. Bailin became the global head of investments in 2017 and took his current job in 2019. Before joining Citi, he was the head of alternative investment asset management for Bank of America's global wealth and investment management. Bailin will pursue a new opportunity, said Andy Sieg, head of the wealth management division, in a memo seen by Reuters, without elaborating. Steven Wieting, chief investment strategist and chief economist, will become interim CIO as Citi seeks a permanent replacement, Sieg added. Bloomberg reported earlier on Monday Bailin's exit. Wealth is a key area in CEO Jane Fraser's reorganization plan announced in September to increase profitability. Citi said on Friday it had completed most of its proposed layoffs at the end of the first quarter. (Reporting
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