Jeremy Knowland, the head of Citigroup Inc.’s private bank in the UK, is leaving the Wall Street giant after about two decades, the latest in a series of leadership changes for its wealth business.
The Citigroup veteran’s departure was announced in a memo to staff on Tuesday, according to a person familiar with the matter, who asked not to be identified as the details are private. Knowland, who joined the New York-based firm in 2005, was most recently regional head of Citigroup’s private bank for areas including the UK and British crown dependency of Jersey.
A Citigroup spokesperson and Knowland didn’t immediately respond to a request for comment.
Knowland’s exit comes weeks after Citigroup revealed a revamp of its private bank’s management that included the departure of the unit’s longtime global head Ida Liu. Under the new structure, the private bank will be led by four regional heads reporting directly to Andy Sieg, who leads the broader wealth business that is a key part of Chief Executive Officer Jane Fraser’s plans to boost the bank’s returns.
The private bank is one of three core units of the wealth business at Citigroup, which has been revamping its strategy under Sieg, who joined the business from Bank of America Corp. in 2023.
Returns and revenue have since risen at the business, with a focus on increasing investment volumes from clients, who include about a quarter of the world’s billionaires. The wealth business recently posted fourth-quarter revenue of $2 billion, up 20% from the same period a year before.
During his time at Citigroup, Knowland earned a reputation as one of the UK’s top private bankers. He joined the US bank from Barclays Plc in 2005 and has led UK private banking teams for more than a decade, according to his LinkedIn profile.
Other recent departures of Citigroup wealth veterans include Luigi Pigorini, who led private banking for Europe, Middle East and Africa until last year. Mark Mills also left last year to join Barclays after more than two decades at Citigroup.
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