Citigroup has set double the 2026 net revenue targets for its private bankers, aiming to boost its lagging wealth management division. This aggressive push, driven by CEO Andy Sieg, requires individual bankers to meet goals far exceeding recent performance, causing significant internal frustration. Net new investment assets plummeted over 50% year-on-year in Q4, a metric Sieg calls his 'north star', highlighting the immense challenge. The bank's private bank caters to high-net-worth clients ($10mn+), but faces stiff competition from JPMorgan and Morgan Stanley, who dominate the sector.

Revenues at Citi's private bank rose 12% to $2.7bn in 2025, trailing JPMorgan's $12bn figure.