Citigroup Private Bank tapped Steve Bodurtha, formerly head of institutional retirement, philanthropy and investments at Bank of America/Merrill Lynch, to run investments for North America. Bodurtha starts at Citi on Dec. 1. He will report to both Peter Charrington, chief executive of Citi’s private bank in North America, and Global Head of Investments, Shantanu Rastogi, according to published reports.

Bodurtha ran BofA/Merrill’s retirement unit for 17 months, taking over from Michael Falcon in April last year, five months before BofA bought the struggling giant. But it wasn’t to last. Indicative of the game of musical chairs playing out at the big banks, Bodurtha lost his job to Andy Sieg, who joined BofA/Merrill from Citigroup when Sallie Krawcheck took over as head of global wealth and investment management at BofA/Merrill in September.
 
Sieg had run Citi’s Emerging Affluent Client segment and was the only the outside hire made when Krawcheck, former head of Smith Barney and CFO at Citi, announced a Merrill-heavy dream team. In a memo announcing her new team, Krawcheck wrote that Bodurtha was retiring after 23 years of service.