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Citigroup Inc reported quarterly profit that beat market expectations on Friday, but a downbeat revenue and expense outlook showed it will take more than a year for the emerging economic recovery to trickle through to the bank's bottom line.
Citi is combining its consumer wealth management and private banking units into a single entity, which will be led by Jim O'Donnell.
Operation will be led by the group's head of investor sales and relationship management
The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell.
The bank is combining its wealth management units to serve both the ultrarich and the less affluent; the small business loan program will open to all borrowers on Tuesday.