Citigroup now monitors the frequency at which private bankers call their clients to push for growth in the wealth management branch of the business, according to reporting from the Financial Times.
The move comes from executive from Citi’s wealth management division, Andy Seig, who migrated to the company after working in Bank of America’s wealth management wing. Seig’s objective with the new mandate was to push to sell more investment products and for employees to get paid a management fee according to their assets.
Private bankers now submit call reports on conversations with clients and are expected to speak with them every 90 days. Typically private clientele have a net worth of over $10 million.
However, the move is not without pushback from employees, some of whom believe that Citi is attempting to squeeze as much out of them as possible, and that there are more beneficial uses of their time, according to the Financial Times.
The decision comes from a need to make Citi’s wealth management department more competitive and catch up with its competitors, as chief executive Jane Fraser stated that the division “isn’t where it needs to be”.
A Citi spokesperson said: “Enhancing client experience is our number-one focus. Documenting and sharing client feedback is one way to ensure we’re delivering for them, and is a standard practice within Citi and across the industry.”
