Citi Taps Former Merrill Lynch Executive to Lead Northeast Wealth Business

July 11, 2026 - 02:49

Citigroup has brought on Frank Castellanos, a former Merrill Lynch executive, to lead its wealth management business in the Northeast region. The move comes as the bank continues a long-running turnaround effort that puts its wealth unit front and center.

Castellanos will oversee a team of advisors and client services across a key territory for high-net-worth clients. He spent more than two decades at Merrill Lynch, most recently serving as a complex director in New York. His hire signals Citi's intent to pull experienced talent from established competitors rather than build entirely from within.

The bank has been working to revive its wealth division after years of underperformance. Under CEO Jane Fraser, Citi has trimmed underperforming retail operations abroad and redirected resources toward serving affluent clients in the United States. The wealth unit is seen as a stable source of fee income, which can offset volatility in trading and lending.

Citi's private bank already caters to ultra-wealthy clients, but the broader wealth management arm aims to capture a wider slice of the market. Castellanos will report to the head of Citi's U.S. wealth advisory business. His appointment is effective immediately, though the bank has not disclosed specific targets for the Northeast region.

The hiring reflects a broader trend on Wall Street, where large banks are poaching veteran advisors from rivals to grow market share in a competitive landscape. Citi has been slower than peers like JPMorgan Chase and Bank of America in expanding its advisor force, but recent hires suggest that pace is accelerating.