Global Wealth News

Citi expects to win rich clients in emerging markets at a much faster pace than in the Americas, its top private banker said, as it rebuilds itself after taking heavy hits during the credit crisis. The U.S. bank expects the share of client assets from the Americas to decline to a third in five years, as it targets super-rich clients worth at least $25 million, instead of the merely moderately wealthy.

“People tended to think of private banks as Swiss with wood-panelled offices … and I think a torpedo has gone through that model,” Jane Fraser, head of Citi’s private banking arm, told Reuters in an interview late on Friday. Source