Citi Hires $3B Private Banker from Bank of America
Citi is adding senior private-bank talent as it expands its wealth platform, but the reported asset figure is not a standardized measure of transferred assets.
Citi Private Bank has hired Teresa Radzinski from Bank of America Private Bank in Jacksonville, Florida, adding a private banker who had overseen about $3 billion in client assets, according to AdvisorHub and a source familiar with the move.
The reported client base includes family offices with at least $500 million in assets. The hire gives Citi another experienced relationship leader as it works to expand its share of affluent and ultra-high-net-worth relationships.
A long private-bank track record
Radzinski first registered with Smith Barney in 1997 and joined Bank of America Merrill Lynch in 2000, according to BrokerCheck records cited in the report. She had also served as co-head of financial institutions capital markets and financing for Merrill.
Private-bank moves can include garden-leave restrictions. AdvisorHub reported that Radzinski had not been registered as a broker or investment adviser since late July, so the announcement should not be read as an immediate client-asset transfer.
Citi’s broader wealth push
The move arrives as Citi expands its wealth platform. AdvisorHub reported that wealth chief Andy Sieg is targeting roughly 500 advisors and relationship managers, including about 100 private bankers, as the firm works to increase wallet share.
Citi has roughly 2,300 advisors across its Citigold, Wealth at Work and Private Bank businesses. The broader question is whether Citi can integrate senior private-bank hires into a consistent experience across those channels.
The reported $3 billion is an estimate of assets overseen, not a standardized measure of transferred assets.