Job Purpose :
Responsible for safeguarding and promoting a balanced and effective business and working environment for the Private Bank in Luxembourg.
Job Background / context :
Citi Private Bank is a trusted advisor to the world’s wealthiest, most influential individuals and families. Like Citi’s government, institutional and multinational corporate clients, Citi Private Bank clients receive bespoke service and access to the best ideas and solutions tailored to their unique needs and aspirations.
A part of Citi’s Institutional Clients Group, Citi Private Bank offers a wide range of products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance and banking.
Among its select clients are a third of the world’s billionaires, many of whom are globally minded entrepreneurs with an expectation of an institutional level of service, who take advantage of Citi’s holistic approach to wealth management.
Citi Private Bank is represented by more than 1,000 private bankers, investment professionals and product specialists across a network of 90 offices in 33 countries and over 128 currencies worldwide, making it the most global private bank.
Key Responsibilities :
In line with our ambition of being the best private bank for our clients, work in partnership with Country CCO and CPB EMEA CAO to safeguard and promote a balanced and effective business and working environment for the Private Bank in Luxembourg
Chair of the Private Bank Luxembourg Management Committee and Member of the Luxembourg CCC and BRCC. Senior representative of the Private Bank to liaise with Regulators
Work closely with Luxembourg Country Control functions and CPB EMEA In-Business Risk and Control team to ensure that the business meets all regulatory and policy requirements as stipulated by local Luxembourg (e.
g., CSSF); EU, other regulators (e.g., ECB, US regulators), Citi Internal Policies and Procedures and Citi CEP Legal vehicles governance across CEP vehicles used by Private bank in the EEA
Overall responsibility for all internal controls and procedures across CPB in Luxembourg. Ensure all Key Risk Indicators are consistently managed below defined threshold levels;
the quality of documentation is good; and CPB Luxembourg meets all booking vehicle governance standards
Lead governance issues and close-out any follow-up actions raised by the Luxembourg CCC; Luxembourg Business Risk and Control Committee (BRCC) and CPB Luxembourg Management Committee
Provide leadership support on overseeing people issues and effective execution of CPB EMEA business priorities in Luxembourg and the EEA
Central point of escalation for local Private Bank Front Office staff issues in the CPB office in Luxembourg
Lead effort to implement new business initiatives as well as rolling out regulatory change initiatives across Luxembourg and the EEA
Work closely with General Market Managers (GMM), Product Heads; and other Front Office areas to ensure resource allocation is effectively coordinated in Luxembourg.
Provide local oversight of Private Bank Business staff in Luxembourg
Provide local management oversight for Luxembourg based staff in Business Services, In-Business Risk and Control, Trading Desk support staff
Provide and report the Financial results of the Private Bank in Luxembourg working with Finance to provide oversight of business performance
Work with Banker Teams, Product, Legal and Compliance, Operations and Technology to resolve client issues and drive improved client experience
Lead effort working with appropriate CPB EMEA Teams and Functions to drive the preparation and achieve satisfactory ratings for the relevant Internal Audit, Compliance, and regulatory reviews.
Lead effort to close out any Corrective Action Plans
Represent the Private Bank Business at industry associations as well as regulatory consultation in the area of wealth management
Lead Local employee communications / town halls / engagement efforts to create a collaborative work environment to be the best Private Bank
Development Value :
Opportunity to lead Business-wide coordination and planning across front office business unit in Luxembourg. Working with multiple stakeholders to bring effectiveness, coordination and leadership.
Exposure to CPB and Citi seniors.
Knowledge / Experience :
Strong understanding of Luxembourg and EU legal and regulatory framework
Strong understanding of Controls
Strong knowledge of Private Banking and Wealth Management
Experience of managing large and complex teams
Banker / Sales experience a preference working with front line staff in helping drive performance improvement
Strong product knowledge in Risk Management, Product Control and Middle Office is beneficial
Proven Project / change Management and Business Process Improvement experience is essential
S kills :
Excellent interpersonal skills and ability to develop strong working relationships across functional and geographical lines
Professional outlook with the ability to use initiative, manage deadlines, coordinate multiple tasks and work to deadlines and targets
Strong analytical / business evaluation and problem solving skills
Good written skills and ability to review complex product and legal documentation
Good initiative and Creativity - ability to present alternatives and constructive new ideas
Accuracy and Attention to detail
Preferably Degree educated, however, exceptional candidates who do not meet this criteria may be considered provided they have the necessary skills and experience
Competencies : Leadership
Influencing Skills / Persuasiveness
Attention to Detail
Initiative and Problem Solving
The role is a Controlled function’ CF as defined by the Central Bank Reform Act 2010 and European Central Bank (Single Supervisory Mechanism) Regulations 2014 (and related regulations and guidance).
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
Valuing Diversity :
Demonstrates an appreciation of a diverse workforce. Appreciates differences in style or perspective and uses differences to add value to decisions or actions and organisational success.
Citi is an Equal Opportunities Employer
Private Client Product Mgmt