Core Viewpoint - Citigroup's wealth chief believes the equity bull market has potential for further growth, indicating that wealthy clients are still showing interest without excessive exuberance [1] Market Performance - The S&P 500 has declined approximately 2% in November, marking its worst month since March, amid increased volatility and a selloff in major technology companies [2] - Despite the downturn, Citigroup does not anticipate a market turning point, as earnings expectations remain robust [3] Wealth Management Strategy - Citigroup's wealth unit has shifted focus from a lending-heavy model to investment management, with client investment assets increasing by about 14% year-over-year in Q3 [4] - New inflows into the wealth unit reached $37.1 billion in the first nine months of the year, with a record inflow in Q3 [4] Regional Performance - Asia has shown particularly strong performance, with record inflows in Q3, leading to increased bonuses for private bankers in the region [5] - The bank's growth in Asia is primarily driven by clients from China, with significant contributions from non-resident Indians in markets like Singapore and Dubai [8] Organizational Changes - Citigroup is undergoing a significant revamp under CEO Jane Fraser, including job cuts and a focus on improving returns [6] - The bank plans to integrate its retail banking operations with its wealth management business, creating a unified group [7] Leadership and Culture - The wealth chief has faced challenges, including an investigation into workplace conduct, but maintains that the findings do not reflect his leadership style [10]

Citigroup’s wealth chief says the equity bull market still has “some room to run” as the Wall Street giant is luring record inflows from rich clients this year https://t.co/f00nXkHMZf ...