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Citigroup Inc will make sweeping changes to its checking-account offerings as the banking giant makes a deeper push into wealth management.
The company is ditching standard account packages and will instead adopt “relationship tiers” that are based on customer’s deposit and investment accounts, according to a statement.
As customers plow more money into their Citigroup accounts, they’ll automatically be moved into new accounts that offer additional rewards. Under Chief Executive Officer Jane Fraser, Citigroup has been seeking to beef up its offerings for the world’s most affluent individuals, and the firm has hired Andy Sieg, a longtime Bank of America Corp executive, to lead its burgeoning wealth business.
In the first five months of 2023 Citigroup’s retail bankers drove 25,000 referrals to the company’s wealth advisers, an 18% increase from a year earlier. “We’re moving from an old-school product-package approach, which was competitive but static,” Craig Vallorano, head of retail banking, said.