Citi Family Office Head Hannes Hofmann to Depart Amid Wealth Unit Overhaul

The Citi family office head Hannes Hofmann will leave the bank about three years after joining, marking another leadership change within Citigroup’s global wealth business. Hofmann, who joined in 2022 from JPMorgan, expanded the firm’s family office coverage and quantitative strategy adoption. His departure follows an earlier private-bank restructuring that saw global head Ida Liu step down and the introduction of four regional heads reporting to wealth chief Andy Sieg, who joined in 2023. Hofmann, an Austrian native and Stanford MBA, will assist in a short transition period. Citi’s third-quarter wealth revenue rose 8% to USD2.2bn as it continues focusing on client investment activity amid broader leadership reshuffles.