Citi family office head to leave in latest wealth exit

Hannes Hofmann, the global head of Citigroup family office unit, is leaving about three years after his arrival, the latest in a series of leadership changes for the Wall Street giant's wealth business.

Hofmann recently informed his fellow executive Dawn Nordberg, Citi head of integrated client engagement, of his decision to leave the New York-based firm, according to an internal memo seen by Bloomberg News. The JPMorgan veteran, who worked in Citigroup's private bank, will continue to work closely with Nordberg's team over the next few weeks to ensure a smooth transition, the memo said.

A Citigroup spokesperson declined to comment, and Hofmann didn't immediately respond to a request for comment.

Hofmann's exit follows a major revamp of Citigroup's private bank earlier this year that included the departure of its longtime global head Ida Liu. Under the new structure, four regional heads are leading the private bank and reporting directly to Andy Sieg, who joined from Bank of America in 2023 and oversees Citigroup's broader wealth business, which is a key part of Chief Executive Officer Jane Fraser's plans to boost the bank's returns.

Returns and revenue have risen at Citigroup's wealth business since Sieg's arrival, and there has been an emphasis on increasing investment volumes from clients. Last month, Citigroup's wealth business reported third-quarter revenue of $2.2 billion, increasing 8% from the same period a year before.

Hofmann, an Austrian native who has an MBA from Stanford University, joined Citigroup in 2022 to lead its efforts serving investment firms of the super-rich after working for about two decades at JPMorgan, where he held senior roles serving wealthy clients in the U.S., Latin America and Asia.

He built Citigroup's family office coverage globally in partnership with other parts of the banking giant during his time at the firm, according to the memo seen by Bloomberg. He also championed his clients' adoption of quantitative trading strategies to help protect their assets against market swings.

— With assistance from Todd Gillespie.