Zinger Key Points
- Ida Liu, Citi’s global private banking head, announces her departure, adding to the bank’s senior female executive exits.
- Liu's exit raises concerns over Citi's wealth division growth and leadership diversity as it focuses on expansion under CEO Fraser.
- Get the Real Story Behind Every Major Earnings Report
Citigroup, Inc. C shares are trading relatively flat on Tuesday despite news of a significant departure.
Ida Liu, the global head of Citigroup’s private banking arm and one of its highest-ranking female executives, announced her departure via LinkedIn on Monday morning.
“After nearly two decades at Citi, including the privilege of serving as the Global Head of Citi Private Bank, I have made the decision to leave the firm and embark on the next chapter of my professional journey,” Liu writes.
“Great careers are defined by embracing new challenges and opportunities, and this is the right time for me to leverage my global expertise, leadership experience and passion for growth in bold and exciting new ways,” the LinkedIn post reads.
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Liu’s departure comes at a critical time as Citigroup is focusing on expanding its wealth division, a key area of growth under CEO Jane Fraser’s leadership, Financial Times reports.
She did not reveal her next move, but her exit adds to a growing list of senior women leaving the bank.
Liu was instrumental in building relationships with high-net-worth clients in industries like fashion, media, and entertainment. She became head of the North American private bank in 2019 and later led the division globally.
Her exit will reduce the already limited number of senior women executives at Citi, further complicating efforts to strengthen its leadership diversity, the report notes.
“I am incredibly proud of the strong results we have delivered for Citi over the years,” Liu adds.
According to Benzinga Pro, C stock has gained over 49% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF FTXO.
While reporting its quarterly results this month, Citigroup said it expects a fiscal 2025 revenue of $83.5 billion-$84.5 billion, compared to the consensus of $83.35 billion.
Citi CEO Fraser expects a 2026 RoTCE of 10%-11% (versus 7.0% in 2024) to make additional investments in its businesses and transformation.
Price Action: C shares are trading higher by 0.15% to $81.19 at last check Tuesday.
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