(Bloomberg) -- Citigroup Inc. said Luigi Pigorini, a top executive in the firm's private-bank and wealth-management operations, is planning to depart, the latest in a series of leadership changes for the burgeoning business.
Pigorini, who has led the firm's wealth offerings across Europe, the Middle East and Africa, will retain responsibilities until his departure in early 2024, according to a memo to staff seen by Bloomberg News. His departure comes as Citigroup prepares to bring in Andy Sieg, a longtime Bank of America Corp. executive, to run the firm's wealth business globally starting this month.
“We are grateful for Luigi's partnership and the leadership he has demonstrated,” David Livingstone, who leads Citigroup's business across EMEA, and Jim O'Donnell, the outgoing head of the wealth division, said in the memo. “We will communicate the transition of these responsibilities in due course.”
As part of Chief Executive Officer Jane Fraser's push to boost profits, Citigroup has sought to expand offerings for the world's rich in recent years. But those efforts have been hindered by volatile markets, which have sapped revenue.
Citigroup reported $1.8 billion in wealth management revenue for the second quarter, a 5% decline from the same period a year earlier.
Pigorini, who will turn 62 this month, first joined Citigroup in New York in 1984 and had stints working in the firm's leveraged finance, corporate banking and investment banking divisions. He was ultimately appointed chief executive officer of Citigroup's private bank for the EMEA region in 2010 before taking on responsibilities for the bank's expanded wealth operations during the pandemic.
The Financial Times earlier Pigorini's departure.
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