Tag: Citi

Citi nabs Merrill Lynch exec as it ramps up wealth management business

  • Citigroup is creating a new top wealth management role in its US Consumer Bank and hiring Bank of America wealth executive David Poole for the job, Citi said on Tuesday. 
  • The newly formed role and choice to fill it with Poole is a sign Citi is looking to beef up its US wealth management services for Main Street clients.
  • Analysts and other experts pointed to Poole’s digital prowess — he has overseen Merrill Lynch’s online brokerage and its self-directed and hybrid investing options.
  • The bank is going after a coveted demographic, and one that rivals like JPMorgan and Goldman Sachs are going after with growing wealth services, too: the so-called mass-affluent client set. 
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Citigroup is doubling down on plans to beef up its US wealth management services, creating a new top wealth role in its US Consumer Bank and hiring a Bank of

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Citi targets homebodies with cobranded Wayfair Mastercard

Citi has teamed with home furnishings giant Wayfair on a pair of credit cards—one cobranded with Mastercard and a private label version—capitalizing on the pandemic-accelerated e-commerce boom.

Targeting homebound shoppers, the Wayfair Mastercard and private-label card’s loyalty program offers 3% back in rewards for grocery purchases and 2% back on online purchases. All other purchases yield 1% back on the no-annual-fee card.

According to eMarketer data, Wayfair also is one of the only U.S. e-commerce retailers to crack the Top 10 this year without a chain of brick-and-mortar stores augmenting its volume, underscoring e-commerce’s momentum. (Wayfair has one store in Natick, Mass., and one outlet store in Kentucky.)“With e-commerce continuing to surge in popularity, we are thrilled to partner with Wayfair to provide customers with seamless, convenient financing embedded in the path to purchase,” said Craig Vallorano, head of Citi retail services, in a press release.

The move marks

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