Citigroup launches search for global head of wealth management

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Citigroup Inc. [s: c] is conducting a search to hire a new global head of its wealth management unit after Jim O’Donnell was named executive vice chairman of Citi and head of senior client engagement, according to an internal memo from CEO Jane Fraser seen by MarketWatch. O’Donnell will continue to lead the unit during a transition period. “While some factors in the macro environment have led us to pace our investments in Wealth, the business is a key strategic priority for us and we’re continuing to execute our plan to make Wealth a key differentiator and source of enhanced returns for Citi,” Fraser said. Fraser also named Sunil Garg as North American CEO in addition to his position as CEO of Citibank N.A., reporting to Fraser. He will be charged with setting up a North America Operating Committee. The Wall Street Journal initially reported the changes at Citi in the wake of the Wealth unit falling behind on growth targets. Citi stock is down 27.4% in the past year, compared to a 15.8% drop by the S&P 500 [s: spx.