Ambitious targets for private bankers highlight Citi’s push to grow its wealth business amid tough competition
New York, United States, 8 April 2026 – Citigroup is stepping up its ambitions in the wealth management space by setting higher performance targets for its private bankers. The move is part of the bank’s larger strategy to strengthen its position in managing money for wealthy clients, but it has also created concern among employees who feel the goals may be too difficult to achieve.
The new targets focus on two key areas: net revenue and the amount of client assets managed by the bank. For some bankers, revenue goals are expected to double by 2026 compared to the previous year. These targets are set individually and will directly impact performance reviews and year-end bonuses.
This shift reflects the vision of Andy Sieg, who leads Citi’s wealth business. His focus is on increasing net new investment assets, which refers to the balance between money coming into and leaving client accounts. This metric is seen as a critical measure of growth, but it dropped significantly in late 2025, adding pressure to improve results.
While the bank says rising expectations are a natural outcome of improving performance, some employees feel the targets are unrealistic. Internally, there is growing frustration, as these goals are tied closely to compensation and career progression.
The push comes at an important time for Citigroup, as it prepares for a major investor day in May. The bank is expected to share updates on its ongoing transformation under CEO Jane Fraser. One of its main financial goals is to achieve returns on tangible common equity between 15 and 20 percent in the short term, and over 20 percent in the long run.
Citi’s private banking division serves clients with a net worth of at least $10 million. It also operates broader wealth services, including Citigold and workplace financial solutions. However, the division has faced several challenges, including slower client growth, the departure of senior staff, and internal restructuring.
Compared to its competitors, Citigroup still lags behind. Firms like JPMorgan Chase, Morgan Stanley, and Bank of America have built much larger and more profitable wealth management businesses. This sector is especially attractive because it offers steady income and higher profit margins compared to more volatile areas like investment banking.
In 2025, Citi’s private banking revenue grew by 12 percent to $2.7 billion. However, this still falls far short of JPMorgan’s private banking revenue, which exceeded $12 billion during the same period.
Industry experts believe the pressure is now on Citigroup to prove that it can turn its wealth business into a strong and consistent growth engine after years of underperformance.
Andy Sieg, who joined Citi from Bank of America in 2023, has already introduced changes to compensation structures. The new approach rewards bankers more for bringing in investment assets rather than selling loans, reflecting a broader industry trend toward stable, recurring revenue streams.
As competition intensifies, Citigroup’s success will depend on its ability to attract and retain client assets while keeping its workforce motivated. The coming months, especially the investor day, are expected to provide clearer signals about the bank’s future direction.
