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Citigroup Is Planning a Hiring Spree to Add 500 People to Its New Wealth Unit

  • Bank is trying to replicate its success with junior attorneys
  • CEO Fraser sees wealth business as key to remaking the bank

Citigroup Inc. is planning a 500-person hiring spree over the next three years for a new wealth division catering to junior employees at private equity offices, consultancies and accounting firms, betting those clients will someday join the ranks of the ultra wealthy. 

The bank started the unit, known as Wealth at Work, last year and tapped longtime private-banking executive Naz Vahid to oversee its development. Vahid has spent years leading the private bank’s law-firm group, which counts 50,000 lawyers and 1,000 firms as clients.