Citi has announced a new structure for its wealth management business, as it places more emphasis on the core high net worth market under incoming chief executive Jane Fraser.

Presently, Citi’s division for ultra-high net worth clients, Citi Private Bank, sits within the institutional clients group (ICG), while its mass affluent offering, Citigold, is part of the retail business: global consumer banking (GCB).

Citi announced overnight (GMT) that the new organisation, Citi Global Wealth, would bring together these private client-focused teams into one division, to be led by New York-based Jim O’Donnell. Mr O’Donnel...