Citi appointed John Cummings chief operating officer of Citigold Wealth Management and Frank Consalo as director of field management for investments. They will both report to Venu Krishnamurthy, president of Citigold.
Citigold is aimed at affluent and high-net-worth investors, Krishnamurthy said in an interview. The sweet spot is anywhere from a "few hundred thousand dollars to a few million [in investable assets]," he said. He described Citi's plan as one based on size and breadth of services. There are about 300 Citi advisors, with an additional 200 in the Citigold program. He said within two years he envisions a total of 800, split evenly between the two camps.
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